Former BharatPe COO Dhruv Dhanraj Bahl Launches Rs 240 Crore VC Fund

• ByStartupStory     |    May 2, 2024

Eternal Capital, the brainchild of seasoned entrepreneur and former BharatPe Chief Operating Officer Dhruv Dhanraj Bahl, has unveiled its debut venture capital fund with a substantial target corpus of Rs 120 crore, extendable up to Rs 240 crore with a greenshoe option.

The initiative gained significant traction following the Securities and Exchange Board of India’s (Sebi) nod for a Category-I Alternative Investment Fund (AIF) in November 2023. Eternal Capital has already secured commitments from a league of industry luminaries, including Suhail Sameer (ex-CEO, BharatPe), Deep Kalra (Founder, MakeMyTrip), Tarun Mathur (Co-founder, PolicyBazaar), Vikas Gupta (CEO, VLCC), Adarsh Menon (President, ZoomCar), and other distinguished names.

In a statement, Dhruv Dhanraj Bahl, the Founder and Managing Partner of Eternal Capital, underscored the fund’s unique value proposition: “We are one of the first and few operator-led VC firms in India. Globally, operator-led funds have outperformed more traditional peers due to their ability to connect easily, engage deeply, and add incremental value to the founders and the ventures they back.”

Eternal Capital’s investment philosophy is sector-agnostic, targeting a diverse portfolio of visionary start-ups poised to shape the future. Over the next three years, the fund aims to back approximately 40 early-stage ventures ranging from seed to pre-Series A stages.

“Our approach to date has been no different, making us not only a ‘partner of first choice’ for founders but also the preferred co-investment partner for other funds,” added Bahl.

Prior to founding Eternal Capital in October 2023, Bahl had a prolific track record as an early-stage angel investor, backing over 50 start-ups since 2020. His portfolio includes notable ventures like Stupa Sports Analytics, Basic Home Loans, ApniBus, Volt Money, DrinkPrime, AdmitKard, GenWise, Vama, and Fleek.

The fund’s co-investment strategy is designed to counter potential selection biases while expanding its network of investors and operators. Eternal Capital prioritizes investments in start-ups led by seasoned operators, which exhibit post-product-market fit (PMF) and promising revenue potential in the mid to long term.

Follow Startup Story