July 17, 2025: Early-stage investment firm Kettleborough VC has launched its second fund, aiming to raise ₹80 crore to support around 10 startups over the next year. The firm has already secured ₹35 crore in its first close, with backing from India- and US-based family offices and seasoned entrepreneurs.
The firm, launched in 2021 by Nisarg Shah, is continuing its strategy of investing in execution-focused founders who have deep domain knowledge and have spent 10+ years in their industries.
Kettleborough’s Focus Areas and Investment Strategy
The VC’s Fund II will focus on early-stage startups in:
- Non-Banking Financial Companies (NBFCs)
- Insurance
- Fintech Infrastructure
- B2B Commerce
- B2C Consumer Brands
- Vertical SaaS
- Agentic AI-led Platforms
Initial investments by Kettleborough will range from $300,000 to $500,000 per startup, aligning with the firm’s thesis of backing “dhandha-first” founders—entrepreneurs building real businesses from years of industry expertise rather than just new ideas.
“We are clear about supporting execution journeys—founders who know their space inside out,” said Nisarg Shah, Founder and General Partner at Kettleborough VC.
Performance So Far
Kettleborough VC’s first fund, raised in 2021, closed at $5 million and backed 12 startups, including:
- Zippmat
- InPrime
- Finhaat
- Elivaas
- Sumosave
- Gravity
These companies have reportedly doubled their size in three years, with some securing follow-on funding from larger investors such as Omnivore, Lightspeed, Z47, 3one4 Capital, and Bessemer. Fund I is expected to be fully deployed within this quarter, with early exits expected in the coming quarters.
With several new investments already in the pipeline, Kettleborough VC aims to close additional commitments to Fund II soon. The firm will continue to prioritize early-stage businesses where founder experience and market understanding are deeply aligned with the product being built.
