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Alacrity India Fund is a Category I AIF (Venture Capital Fund) registered with SEBI in April 2018, focused on early-stage B2B SaaS and technology startups in India. It is the first institutional VC fund headquartered in Pune, and is part of the global Alacrity Global ecosystem — a network of micro-funds (typically $10M–$20M each) backed by Sir Terry Matthews' Wesley Clover International operating across Canada, UK, France, Turkey, Mexico, China, Indonesia, and Singapore. The India fund was co-promoted by Wesley Clover International and Ideas to Impacts Innovations Pvt. Ltd., the Pune-based company founded by Gireendra Kasmalkar. The fund had a target corpus of $10M and planned to invest in up to 30 early-stage startups over five years, with ticket sizes up to $750K per company. The fund also operated a 13,000 sq. ft. incubator/accelerator at the Ideas to Impacts Hub in Baner, Pune. As of 2024, the fund has evolved and the programme has transitioned; the alacrityindia.com website now shows a wind-down notice, with activity continuing under the Pentathlon Ventures brand managed by Gireendra Kasmalkar.
Gireendra Kasmalkar
Lead Investor & General Partner
Gireendra Kasmalkar is the Lead Investor and General Partner of Alacrity India Fund, and the Founder, Director & CEO of Ideas to Impacts Innovations Pvt. Ltd. — the fund's investment manager. A Mechanical Engineer from IIT Bombay (1987) and the University of South Carolina (1989), Gireendra began his career at TCS before founding VeriSoft, one of India's earliest independent software testing companies, which was acquired by SQS Software Quality Systems AG. He went on to serve as MD & CEO of SQS India and was on the boards of SQS India BFSI (listed on NSE and BSE) and SQS USA. Post-SQS, he founded Ideas to Impacts, pioneering a 'small town model' of distributed tech services delivery across non-metro India. He also serves as a Director and President of the Executive Council at the Inter-Institutional Inclusive Innovation Centre (i4C). He has since rebranded his fund activities under Pentathlon Ventures, where he continues as Managing Partner.
Saurabh Lahoti
Partner
Saurabh Lahoti is a Partner at Alacrity India Fund, working alongside Gireendra Kasmalkar at the Ideas to Impacts Hub in Pune.
Tushar Shetty
CEO – Ideas to Impacts Hub / Operations
Tushar Shetty is the Chief Executive Officer of the Ideas to Impacts Hub, the incubator/accelerator co-located with the Alacrity India Fund at Baner, Pune. He leads day-to-day operations of the hub and startup programmes.
Sir Terry Matthews
Co-Promoter / Strategic Backer (Wesley Clover International)
Sir Terry Matthews is the Welsh-Canadian serial entrepreneur and Chairman of Wesley Clover International — the Canada-based investment management firm that co-promoted the Alacrity India Fund. He founded Mitel in 1972 (now Europe's leading business communications company) and has since funded 100+ high-tech companies with over 50 exits, deploying $400M+ and generating $3.5Bn+ in cumulative returns. He is the creator of the Alacrity Global model, a network of micro-funds across 10+ countries designed to build tech startups using a customer-first methodology.
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Vikas Agarwal
SEBI Contact Person / Legal Counsel (LegaLogic)
Vikas Agarwal is a Co-Founder of LegaLogic Consulting, a full-service law firm based in Pune. He serves as the SEBI-designated contact person for the Alacrity India Fund, providing legal, compliance, and regulatory advisory. LegaLogic was the law firm that advised Wesley Clover in setting up the Alacrity India Fund and handled its SEBI AIF Category I registration.
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