Equirus InnovateX Fund Announces Final Close of B2B Tech Fund at Rs 166 Cr

Why It Matters

The fund adds significant early‑stage capital to India’s B2B tech ecosystem, accelerating growth for high‑potential startups and signaling confidence from global investors in the market’s scalability.

Key Takeaways

• Fund closed at Rs166 crore, Category I AIF.
• Targets seed to pre‑Series A B2B deep tech, SaaS, fintech.
• Already invested in seven startups, one‑third capital deployed.
• Backed by domestic and global operators, adding market access.
• Plans to deploy remaining capital within 12‑18 months.

Pulse Analysis

India’s B2B technology sector has attracted a wave of capital in recent years, yet early‑stage financing remains fragmented. The Equirus InnovateX Fund’s final close at Rs166 crore adds a sizable, SEBI‑registered Category I AIF to the pool, positioning it among the few domestic vehicles dedicated to seed and pre‑Series A rounds. By targeting deep‑tech, SaaS and fintech startups that have already built a product, the fund bridges the gap between prototype funding and growth‑stage rounds, a segment traditionally dominated by foreign limited partners. This capital infusion also reflects growing confidence among foreign limited partners in India's early‑stage B2B pipeline. The fund’s investor roster blends seasoned founders and operators with global backers, delivering more than capital. Such strategic capital can accelerate customer acquisition, regulatory clearances, and senior‑talent hiring—critical levers for B2B enterprises seeking defensibility. EIF’s leadership, comprising Krishna Jha, Sunder Nookala and Sadhika Agarwal, brings operational depth that aligns with the portfolio’s post‑product, pre‑product‑market‑fit stage, allowing hands‑on guidance on go‑to‑market strategies. Early deployment of over one‑third of the corpus into seven companies demonstrates a disciplined pacing that balances risk while preserving runway for follow‑on investments. For founders, EIF’s commitment signals a reliable source of capital through the critical scaling window, potentially shortening the time to Series A and improving valuation trajectories. The fund’s emphasis on governance and long‑term value creation may also raise industry standards, encouraging other AIFs to adopt similar operational support models. Looking ahead, the successful close positions Equirus to launch a second fund, leveraging the track record of its inaugural cohort to attract larger commitments and deepen its influence across India’s burgeoning B2B tech ecosystem.

Equirus InnovateX Fund announces final close of B2B tech fund at Rs 166 Cr

Gyan Vardhan · 17 Feb 2026 12:34 IST

Equirus InnovateX Fund (EIF), the early‑stage venture arm of the Equirus Group, has announced the final close of its maiden B2B tech fund at Rs 166 crore. The fund’s first close was announced in February 2024.

According to EIF, it backs seed and pre‑Series A companies building in deep tech, SaaS, and fintech, typically teams that are post‑product and working toward product‑market fit. The fund aims to partner with founders solving hard problems with clear distribution and defensibility, and who are building for long‑term sustainability.

The close attracted both domestic and global investors who bring operational experience and market access in addition to capital. EIF counts a number of founders and operators among its backers, including Girish Gaitonde, M.R. Jyothy, Dhimant Bhayani, Raj P., Shankar Vailaya, and Nitin Seth.

The fund is led by Krishna Jha, Sunder Nookala, and Sadhika Agarwal, founders and investors with strong operational backgrounds, who are responsible for driving investments and managing the portfolio across the fund’s focus areas.

EIF states that it has deployed over one‑third of the corpus, backing seven startups from Fund I, with a target portfolio of up to 15 companies. Active investments include Pointo, Datazip, GreenStitch, CtrlB, Consuma AI, RSPL, and NeverInstall. The remaining capital is expected to be deployed over the next 12 to 18 months.

Beyond capital, EIF partners with founders on enterprise access, regulatory navigation, senior hiring, and capital‑raising preparedness. The fund emphasises strong governance and long‑term value creation. With the maiden fund now fully closed, it will focus on scaling its existing portfolio, selectively adding new companies, and deepening relationships with founders and long‑term capital partners as it lays the groundwork for its next fund.

A Rs 166 crore SEBI‑registered Category I AIF focused on early‑stage investments from seed to pre‑Series A, the fund backs founders building in SaaS, deep tech, and fintech, typically at the post‑product, pre‑PMF stage. The fund has invested in high‑impact businesses across sectors.

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