Sanskrit Capital launched by Ashish Dave with Rs 700-1,000 Cr fund target
According to sources, Ashish Dave, the former CEO (India) of Mirae Asset Venture Investments, is starting Sanskrit Capital, a new venture capital firm that aims to raise between Rs 700 and Rs 1,000 crore for its first fund.
The company will concentrate on Series B and Series C firms who have reached product-market fit and are moving into the scaling phase, regardless of their industry. Sanskrit Capital is nearing Sebi approval as an alternative investment fund (AIF) and is anticipated to function as a single-GP (general partner) fund. It is likely to draw funding from founders, entrepreneurs, and domestic family offices.
The fund plans to write cheques ranging from Rs 50 crore to Rs 150 crore, with additional capital reserved for follow-on investments in high-conviction portfolio companies. While sector-agnostic in approach, its key focus areas will include fintech, consumer internet, logistics, healthcare, and enterprise AI applications.
Dave joined Mirae Asset Venture Investments in 2018, helping establish the Korean firm’s venture capital operations in India after a three-year stint at Kalaari Capital. He stepped down from Mirae last year.
The debut coincides with a surge of new venture capital firms established by former investment executives. Former Peak XV Partners executives Ashish Agrawal, Ishaan Mittal, and Tejeshwi Sharma founded Mettle Capital last month with the intention of investing mostly in Series A and Series B firms as well as a few seed-stage ventures. After finishing its financing, the company is anticipated to start allocating funds later this year.
Separately, Ambition Capital was founded by former Peak XV managing directors Shailesh Lakhani and Harshjit Sethi with the goal of creating a $250 million fund dedicated to seed and Series A investments.
