Campus Fund, India’s only SEBI-registered Category II AIF focused exclusively on startups led by students and recent college dropouts, has announced the launch of its third and largest fund, with a target corpus of $100 million. The fund has already achieved its first close, securing over 50% of the targeted amount, and has begun deploying capital into early-stage ventures.
Founded by serial entrepreneur Richa Bajpai during her MBA at London Business School in 2020, Campus Fund began as a thesis project and has since evolved into a nationwide venture platform aimed at democratizing startup capital for India’s youngest innovators.
“With Fund III, we double down on our conviction that student founders aren’t just dreamers — they’re doers,” Bajpai said. “The next unicorn might emerge from a dorm room in Bhopal or a garage in Surat.”
Investing in Unconventional Founders
Campus Fund takes a contrarian approach in India’s venture ecosystem, focusing on founders who are still in college, recent graduates, or have dropped out within the last three years. In an environment where startup capital is often concentrated among experienced, elite alumni, Campus Fund is betting that the next wave of innovation will come from grassroots talent in emerging cities.
Fund III will invest in 60 to 80 startups over the next four years, with initial cheque sizes between ₹1 crore and ₹8 crore. Notably, half of the fund is earmarked for follow-on rounds. The fund has already made two investments, including one in Serendipity Space, a startup building pharmaceutical processing technologies for microgravity environments.
The fund leverages a nationwide network of over 100 student scouts and receives over 7,000 startup applications annually.
Building a Generation of Inventors
Campus Fund’s earlier portfolio includes startups like Digantara (space situational awareness), EtherealX (reusable rockets), Sama (online dispute resolution), GreenGrahi (insect protein), Expand My Business, and Sarla (flying taxis). Several of these ventures have gone on to raise capital from top-tier global investors including Accel, Peak XV Partners, a16z, DST Global, and Alpha Wave.
The firm has also started returning capital to its investors, marking early success for its bold thesis.
Fund III’s Limited Partners include a mix of family offices, seasoned entrepreneurs, and institutional backers. Notable names include 360 One (formerly IIFL Wealth), Kanwaljit Singh (Fireside Ventures), Bharat Shah (HDFC Securities), Jaimin Bhatt (former Kotak CFO), Asha Jadeja Motwani (one of Google’s earliest investors), and Sameen Farooqui (Deutsche Bank).
“This is a full-circle moment,” said Bajpai, reflecting on launching her first startup from a dorm in 2009. “To now back students chasing bold ideas — that’s the most meaningful chapter of my career.”
With India’s higher education landscape decentralizing and Tier 2 and Tier 3 startup ecosystems rapidly growing, Campus Fund sees student-led ventures as a high-potential, undercapitalized segment.
“Backing student founders is no longer just a visionary bet,” Bajpai added. “It’s one of the smartest investments of this decade.”
