Cat II · Managed by Spring Marketing Capital
We are a skin-in-the-game marketing capital firm.
Private equity, private credit and real-estate funds that don't employ leverage except for operating needs. The largest AIF category.
Early Spring Fund is a SEBI-registered Category II Alternative Investment Fund (reg. IN/AIF2/22-23/1132), managed by Spring Marketing Capital LLP — India's first 'Marketing Capital' firm, co-founded by advertising luminaries Arun Iyer, Raja Ganapathy, and Vineet Gupta. The Early Spring Fund is Spring's second SEBI-registered AIF vehicle (after the flagship 'Spring Fund', a ₹150 crore Series A+ fund), targeting early-stage consumer brands from seed to pre-Series A with cheque sizes of ₹5–20 crore per company. It has a target corpus of ₹300 crore and is anchored by Godrej Consumer Products Limited (GCPL), which committed ₹100 crore. The fund is distinctively structured as a 'marketing capital + financial capital' offering — portfolio companies receive not just investment but direct access to Spring's brand strategy team, creative design, branded content, digital storytelling, and creator ecosystem. Portfolio companies in the Early Spring Fund include SkinInspired, SKINQ, Lucira, FAE Beauty, Cookd, Eat Better Co, Troovy, Hoop, Cava Athleisure, and HyugaLife. The flagship Spring Fund has backed Purplle, Mosaic Wellness, Juicy Chemistry, Wakefit, Giva, Leverage Edu, Jar, and Dhan. Spring operates from its Worli, Mumbai office.
Arun Iyer
Founding Partner
Arun Iyer has been in Advertising forever. Ok, not forever, but about 20 years. 16 of them in Lowe Lintas, one of India's leading advertising agencies and the last 6 of them as Chief Creative Officer and the Chairman of the company. Arun has creatively impacted multiple brands in this country. They range from startups to large multinational companies and everything in between. Arun believes in transformation using creativity that stems from the core product backed by a clear proposition and a strong brand point of view. His biggest joy comes when this creativity can change the fortunes of the brands he works with.
Raja Ganapathy
Founding Partner
Raja has worked with founders for most of his working life of 24+ years. First with Ogilvy and Brand David, where he worked with founders including Muruga of Bharat Matrimony and Siddhartha Lal of Royal Enfield. His defining stint was with Sequoia India, where as CMO, Raja worked with founders from different stages. His raison d'etre is to look at business challenges through the lens of marketing with a skin-in-the-game, long term approach to help build the brands of tomorrow. Raja is an eternal optimist and believes strongly that creativity and entrepreneurship can change the world.
Vineet Gupta
Founding Partner
Vineet co-founded and built a digital marketing agency at a point in time when the category did not exist and 'Digital' was far from being the ubiquitous word it has become today. The agency he helped create, 22 feet, became a pioneer in the business, and was acquired by the Omnicom Group. In turn, Vineet went on to become the CEO of the DDB Mudra group. More importantly, Vineet also realised his true calling, to help build brands for a new age and a new world.
Kaushik Dasgupta
Head – Investments
Kaushik Dasgupta heads Investments at Spring Marketing Capital, leading deal sourcing, due diligence, and portfolio management.
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Rohan Talati
Portfolio Partner
Rohan Talati is Portfolio Partner at Spring Marketing Capital, supporting portfolio companies across brand and business strategy.
Antara Raychaudhury
Associate Vice President, Investments
Antara Raychaudhury is Associate Vice President of Investments at Spring Marketing Capital.
Natasha Dhinda
Associate VP, Risk & Compliance
Natasha Dhinda is Associate VP for Risk & Compliance at Spring Marketing Capital.
Vatsal Khullar
Investment Associate
Vatsal Khullar is an Investment Associate at Spring Marketing Capital.
Sanjeev Vaidyanathan
Investment Partner
Sandeep Balan
Branded Content Partner
Priyanka Krishnan
Junior Portfolio Partner
Lekha Shastry
Junior Design Partner
Purva Bakalkar
Junior Design Partner
Vanessa Travasso
Head - Business Administration
Anjali Menon
Manager - Business Administration
Ashok Abraham
Junior Portfolio Partner
Gayatri Iyer
Junior Portfolio Partner
Rishav Srivastava
Creative Associate
Nishtha Pandit
Creative Associate
Satvika Jain
Portfolio Associate
Thribhuvan Dodda Sai
Senior Associate - Finance
Drishti Chikhal
Creative Associate
Trina Sen
Creative Associate
Neel Shetye
Creative Associate
Esha Agarwal
Creative Associate
Haseeb Khan
Senior Creative Associate
Shashank Murli
Senior Creative Associate
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