Cat I · Managed by IvyCap Ventures
Creating enduring value through capital, expertise, and alumni-powered ecosystems.
SEBI-encouraged funds — venture capital, SME, social-impact and infrastructure. Close-ended, generally unleveraged.
Founded in 2011, IvyCap Ventures is one of India’s leading homegrown venture capital funds leveraging the global IIT and IIM alumni ecosystem to power the Indian start-up landscape. Headquartered in Mumbai with offices in Delhi, Bengaluru, the US, and Singapore, the firm manages over USD 650 million (INR 6000 crore) in assets. IvyCap has invested in 65+ companies across HealthTech, ConsumerTech, DeepTech (SaaS, AI/ML, Semiconductors, Cyber Security, IoT), FinTech, EdTech, AgriTech, EV, and other emerging sectors. The fund focuses on early-stage investments from Seed and Pre-Series A to Series A and B in technology-led startups with differentiated business models and strong unit economics. IvyCap is India’s first homegrown VC fund to create a dragon company and pioneered India’s first Endowment Fund at IIT Delhi in 2019, contributing a portion of fund manager profits back to IITs and IIMs.
Vikram Gupta
Founder and Managing Partner
B.Tech. (IIT Delhi), MBA (Case Western Reserve University)
Vikram Gupta is the Founder and Managing Partner of IvyCap Ventures, a leading USD 600 million venture capital firm, recognized as one of India's largest homegrown VC funds. IvyCap Ventures backs over 50 innovative companies across diverse sectors, including HealthTech, ConsumerTech, DeepTech, FinTech, EdTech, AgriTech, and EV. The portfolio includes some of India's most notable emerging brands like Bluestone, Purplle, Biryani By Kilo, Miko, FtCash, Snitch, Celcius Logistics, Dhruva Space, and Beatoven, showcasing IvyCap's commitment to fostering growth in both tech and consumer-driven markets. Under Vikram's leadership, IvyCap pioneered India's first Endowment Fund at IIT Delhi, launched in 2019 by the Honorable President of India. This initiative reinvests a portion of its profits into seeding of endowment funds across various educational institutes of India including IITs and IIMs. Through IvyCap's alumni and mentorship network, Vikram also emphasizes hands-on support, providing critical guidance to help startups achieve sustainable growth and success. Prior to IvyCap, Vikram was the founding member of the Piramal-sponsored USD 100 million Healthcare-focused Private Equity Fund, which he successfully raised during the 2008 economic downturn. He holds a B.Tech. from IIT Delhi, where he was awarded the Distinguished Alumnus Award, and an MBA from Case Western Reserve University, USA, where he has been honoured with the Distinguished Hall of Fame award.
Ashish Wadhwani
Co-Founder and Managing Partner
PG Diploma in Management (IIM Ahmedabad), B.Tech. (IIT Delhi)
Mr. Ashish Wadhwani is the Co-Founder and Managing Partner of IvyCap Ventures. Mr. Wadhwani has over 25 years of experience in Venture Capital, M&A, and Strategy Consulting. During his career, he has led and managed investments of over USD 750m and also a NASDAQ listing. In addition, he has worked on about 15 M&A transactions and advised over 40+ companies on business strategy and growth, implementing new business models, mergers, and acquisitions across Asia, India, and Europe. He sits on the board of several privately held companies in India and Asia. He sits on the board of TiE, Singapore and Enabling leadership. He is a regular speaker and author on thought leadership topics. Mr. Wadhwani's expertise spans Technology, Energy, Consumer, and Manufacturing verticals. He holds a postgraduate diploma in management from IIM Ahmedabad and a B.Tech. degree from IIT Delhi.
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Vishal Gauri
Co-Founder and Partner
Vishal Gauri is the Co-Founder and Partner at IvyCap Ventures and an active advisor to portfolio startups on business development, global market penetration, and growth strategy. As an experienced operator, he has been instrumental in defining vision and strategy, developing new markets, and expanding operations in both early and late-stage ventures. As President of Nagarro, he led its growth across North America, leading to its acquisition by Allgeier and subsequent public listing. He was also President and Chief Strategy Officer at Incedo, and President, Americas at Seclore. He is the inventor on 18 patents and holds a PhD from The Ohio State University and a B.Tech. from IIT Delhi.
Sonia Gupta
Co-Founder and Head – Investor Relations
B.A. in Economics (Delhi University), dual MBA in Marketing and Finance (Cleveland State University, IMT Ghaziabad)
Sonia is the Co-Founder of IvyCap Ventures and has over 18 years of experience in Operations, Strategy, and Entrepreneurship. She has held leadership positions across various well-known companies in India and abroad. Sonia is a seasoned entrepreneur having founded and exited four companies while having an excellent track record of building businesses from scratch. She has incubated companies in Human Resource Outsourcing (HRO), hospitality, and healthcare industries. She has been involved in various mergers and acquisitions activities of her incubated companies. Sonia has rich experience in handling Investor Relations and Compliances covering aspects such as Fundraising & Investor Onboarding, streamlining robust processes to service Investors, disseminating regular Investor reports and relevant information, resolving ad-hoc queries, Supervising Compliances at Portfolio Companies, RBI & SEBI Reporting, etc.
GK Pillai
Chairman, IvyCap Ventures
Gopal Krishna Pillai is a former Union Home Secretary and a 1972-batch IAS officer from the Kerala cadre. He has served in senior roles across the Government of India and represented India at the WTO. He currently serves on multiple corporate boards and is Chairman of IvyCap Ventures.
Anju Gupta
Partner, IvyCap Ventures
B.Tech (IIT Delhi), MS/Ph.D. (Stanford University)
Dr. Anju Gupta is a Partner at IvyCap Ventures, where she leads the firm's Ecosystem platform. This platform leverages the global IIT and IIM alumni network to foster and enable research, innovation, and entrepreneurship across India's leading academic institutions. It brings together a diverse community of investors, domain experts, corporate leaders, government stakeholders, founders, and academia to collaboratively build, test, scale, and fund high-potential teams and solutions. Through this ecosystem, IvyCap's Endowment Fund supports researchers, innovators, and entrepreneurs in creating impactful and profitable businesses. Anju holds a B.Tech from IIT Delhi and an MS/Ph.D. from Stanford University. She brings over 15 years of experience in product management and marketing in the United States, specializing in financial risk management related to natural catastrophes. Her work has included developing earthquake risk assessment models, managing software development lifecycles for disaster risk management platforms, defining next-generation modeling systems, and designing innovative pricing methodologies. She has worked closely with key institutions such as the Federal Emergency Management Agency (FEMA), the Office of Emergency Services, PG&E, insurance companies, and risk managers across the commercial sector. For over eight years, Anju has been an active contributor to India's startup ecosystem. She is deeply passionate about working with entrepreneurs and is committed to advancing IvyCap Ventures' mission of supporting and nurturing the next generation of entrepreneurs.
Sukesh Khandelwal
Chief Financial Officer
Sukesh Khandelwal is the CFO at IvyCap Ventures, overseeing financial operations, fund management, and compliance across funds managing over INR 6,000 crore in AUM.
Tanu Mithal
Chief Technology Officer
Tanu Mithal is the CTO at IvyCap Ventures with over 20 years of experience in technology leadership and digital transformation. She has previously worked at JP Morgan, SAP, Capgemini, Infosys, and IBM.
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