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As I sit down to write this update soon after India’s 78th anniversary as a free nation, I can’t help but recall the words of our first prime minister: “At the stroke of the midnight hour, when the world sleeps, India will awake to life and freedom.” Fast forward to today, democracy has taken deep roots in the country, with almost eight decades of unbroken democratic governments. We can also be justifiably proud of our great economic and human development strides. With a tech revolution underway, this economic journey has acquired unprecedented momentum and a new urgency. It took us 58 years to reach our first trillion USD of GDP, 12 years to reach the next trillion, and only five years for the third trillion. Now, the country is poised to double its economy to over USD 7 trillion by 2030!

Let not India’s raucous democracy fool anyone. Underneath the short-term pulls and pushes of 1.4 billion citizens and their often competing interests, India’s long-term growth story remains intact. To all but the least observant, India’s transformation is palpable. With the middle class projected to swell to 600 million by 2030, the country is on the brink of an economic boom that will be as dramatic as China’s in scale and scope. While this isn’t news to anyone paying attention, it underscores the bet we at Capria made twelve years ago. And now, we’re on the verge of launching Capria India III, our flagship USD 100 million India-focused VC fund. It’s our way of doubling down on India’s techade.

Earlier this year, we wrapped up our India Opportunity Fund at INR 153 crores. New and existing LPs could (re-)invest in our most scaled-up assets from our India I and India II funds. And, in case you missed it, we had a satisfying exit from Awign, which Mynavi Corp. scooped up, returning over 55% of India Fund II and almost 25% of the Opportunity Fund. Not too shabby, right? Our India Fund II — which had its final close in December 2020 — currently has a DPI of 0.62 and a MOIC of 3.4, a handsome performance by any yardstick. And what’s more, we have at least 5 to 6 more companies that can potentially return the fund!

It is not just acquisitions — like with Awign above — that provide exit options for venture investors. Public markets have enthusiastically embraced successful venture-backed startups, and IPOs have become an attractive exit strategy. Our portfolio has at least three companies gearing up for public market debuts in the next 18-24 months:

• DriveU, India’s leading B2C and B2B “driver on demand” service, is getting ready for an SME listing by late 2025. A successful IPO could return over 50% of our India Fund I and boost India Fund II.
• New Street Technologies (NST), our blockchain-based fintech platform, thrives with strong operating margins and growth metrics. It aims to go public in the next two years and targets an INR 1000 + crore EV.
• BetterPlace, Asia’s largest frontline workforce management platform, is on track for an IPO within the next 24 months. With over USD 150 million in revenue ARR and a strong push for profitability, they’re eyeing unicorn status before their market debut—a milestone we’re pretty excited about.

These developments are more than just numbers on a spreadsheet—they’re proof that our investment thesis is spot on. India is buzzing with potential, from the largest working-age population in the world to an emerging middle class that’s opening up new business opportunities by the day. And let’s not forget that agriculture and manufacturing are getting their tech makeovers, too.

At Capria, we’re ALL IN on this techade. With half a billion people online, technology is no longer just an influence—it’s the backbone of everything. Whether jobtech, fintech, healthcare, agritech, or manufacturing, entrepreneurs are applying AI to build more efficient businesses faster. That’s why AI is at the heart of our global strategy and a significant part of our India focus.

If you’re in Bangalore and want to discuss our new fund or how our portfolio companies are ready to take the next leap, I’d love to catch up over coffee. We can also connect virtually—just reply to this email, and we’ll set it up.