With 72% of base commitments in and marquee backers like Micro Labs and Glen Appliances on board, the fund is tapping into India’s growing appetite for non-dilutive startup capital
INR 600 Cr Debt Fund in Final Stretch
VentureSoul Partners, a venture debt firm founded in 2023, is eyeing the final close of its maiden INR 600 Cr fund by February 2026.
The fund launched in June 2024 and has already secured 72% of the base INR 300 Cr corpus, according to cofounder Anurag Tripathi.
- Having reached its base target, the firm is now pursuing an additional INR 300 Cr via its greenshoe option.
- The first close of INR 146 Cr was marked in September 2024.
Backed by Industry Heavyweights
VentureSoul has attracted high-profile institutional and individual investors, lending strong credibility to its debut fund.
Key backers include:
- Micro Labs
- Rupa Group
- Glen Appliances
Notable individual investors:
- Abhishek Khemka (CEO, Baazar Kolkata)
- E. Madhusudan (Founder & CEO, KreditBee)
- Omkar Shirhatti (CPO, Perfios)
Focused Deployment into Growth-Stage Startups
The firm has already deployed capital into 15 startups, with ticket sizes ranging from INR 10 Cr to INR 25 Cr.
Its current portfolio includes:
- PlayShifu
- Zolo
- Captain Fresh
- HomeLane
- Vegrow
- Sukkhi
- Metalbook
Unlike most debt VC firms focused on working capital or growth loans, VentureSoul specialises in structured credit for M&A, ESOP financing, and strategic debt requirements — offering tailored support for India’s new-age tech startups.
Riding the Venture Debt Momentum
This fundraise and deployment come at a time when venture debt is gaining momentum in India’s startup ecosystem.
With equity markets remaining cautious in 2025, founders are leaning into debt as a way to raise capital without diluting ownership.
- In H1 2025, debt funding accounted for 7.6% of the total $5.7 Bn raised by Indian startups.
- Stride Ventures led the debt race with 47 deals, followed by Alteria Capital (42) and We Founder Circle (41).
A New Breed of Debt Players
Founded by former HSBC bankers Anurag Tripathi, Ashish Gala, and Kunal Wadhwa, VentureSoul reflects a shift toward bespoke debt instruments tailored for high-growth startups beyond conventional capital needs.
- Their approach caters to companies seeking strategic liquidity — including financing for acquisitions, cap table restructuring, or employee stock buybacks.
As debt becomes a critical tool in startup capital strategy, VentureSoul aims to fill a growing gap between pure equity investors and traditional lenders.
