Artha India Ventures (AIV) has announced the final close of its follow-on investment vehicle, Artha Select Fund (ASF), at ₹432 crore, surpassing its initial target of ₹330 crore by an impressive 31%. With this milestone, AIV’s total assets under management (AUM) have now crossed ₹1,200 crore.
ASF is positioned as a “winners-only” fund, dedicated to backing the top 15% of performers from Artha’s portfolio of over 135 startups across Artha Venture Fund I, Artha Continuum Fund, and the upcoming Artha Venture Fund II (AVF II). The fund aims to bridge the gap between early and growth-stage funding, commonly referred to as India’s “missing middle,” where Series A to C startups often struggle due to limited access to capital and operational support.
Over the next four years, ASF plans to invest around ₹20 crore each in 12 to 14 growth-stage startups, focusing on companies ready to scale globally.
“ASF allows us to stay invested in our most promising companies well into their scale-up phases,” said Anirudh A. Damani, Managing Partner, Artha Venture Fund & Artha Select Fund. “We aim to provide not just capital, but also strategic guidance and operational expertise, while ensuring that founders retain meaningful ownership.”
The fund’s investor base reflects strong domestic backing—80% of the capital comes from Indian family offices and ultra-high-net-worth individuals, while 20% is contributed by global Limited Partners (LPs) across Singapore, UAE, Mauritius, Hong Kong, Africa, and the U.S. Sponsor AIV itself has committed nearly 10% to the fund.
ASF’s notable backers include Atul Kirloskar’s Family Office, DSP Family Office, Shahi Exports, HIRA Group, and Anikarth Ventures.
Artha Venture Fund I, which launched in 2019, was India’s first SEBI-registered microVC fund and currently ranks #1 in India and #2 globally in vintage 2019 returns. ASF now builds on that momentum to ensure high-performing startups have the runway and support to become market leaders.
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