About IVY Growth Associates
IVY Growth Associates, established in 2021, is an angel investment group based in Surat, India. It primarily focuses on Seed investments in companies in India. Its portfolio includes 74 firms, spanning the Consumer, Retail sectors. Its most notable investments include companies like Blu-Smart, DrinkPrime and ZappFresh. As of Aug 2026, IVY Growth Associates has witnessed 4 portfolio exits. Its latest investment was a $253K Seed round in FreshoKartz on Jan 24, 2026, which also saw participation from Mahesh Ahuja and Sanjiv Rathi.
To date, 787 investors have co-invested in IVY Growth Associates's portfolio companies, including prominent names like Nine Spar Partner.
IVY Growth Associates' List of Top Investments
IVY Growth Associates has a portfolio of 74 companies. Their most notable investments are in EMotorad and Niyam.ai.Their portfolio spans across India and United States. They have invested in Consumer, Retail, Enterprise Applications and 28 other sectors, across stages such as Seed, Series A and 1 more. Here is the list of top investments by IVY Growth Associates:
1. Blu-Smart
Platform offering electric vehicle fleet undergoing corporate insolvency resolution process. An insolvency professional has been appointed to manage the entity. The board of directors' powers are suspended, and management is vested in the resolution professional. Correspondence regarding the corporate insolvency resolution process should be directed to the designated email address.
Key facts about Blu-Smart
- Founded Year: 2019
- Location: Gurugram (India)
- Annual Revenue: ₹100 - ₹500 Cr as on Mar 31, 2024
- Last Known Valuation: $*****
- Stage: Deadpooled
- Total Funding till date: $159M
- Employee Count: 613 as on Feb 28, 2025
- Investors: SoftBank Group, BlackSoil and 280 Others
- Latest Funding Round: Series A, Dec 23, 2024, $*****
2. DrinkPrime
Provider of water purification devices available through subscription plans and services. The company offers a range of water purification products utilizing multi-stage filtration. These products incorporate features such as sediment and carbon filters, RO membrane, UV lamp, mineraliser, and alkaline filter. The company provides options for tracking water consumption and filter health.
Key facts about DrinkPrime
- Founded Year: 2016
- Location: Bengaluru (India)
- Annual Revenue: ₹50 - ₹100 Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series A
- Total Funding till date: $18M
- Employee Count: 287 as on Aug 31, 2025
- Investors: SIDBI Venture Capital, LetsVenture and 91 Others
- Latest Funding Round: Series A, Mar 11, 2026, $*****
- Highlight: Editors' Pick
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3. ZappFresh
Platform offering fresh meat, chicken, seafood, and ready-to-eat non-vegetarian products. It offers products such as fish cuts, fish steaks, whole fishes, fish fillets, prawns, mutton boneless, mutton keema, chicken thighs, and more. It also offers ready-to-eat products like chicken kebabs, mutton kebabs, chicken fingers, chicken wings, prawn cheese balls, cutlets, fish sticks, and more. The mobile app is available for Android and iOS users.
Key facts about ZappFresh
- Founded Year: 2015
- Location: Gurugram (India)
- Annual Revenue: ₹100 - ₹500 Cr as on Mar 31, 2025
- Stage: Public
- Total Funding till date: $14.5M
- Employee Count: 46 as on Feb 28, 2026
- Investors: SIDBI Venture Capital, LetsVenture and 41 Others
- Latest Funding Round: Series A, Feb 02, 2024, $*****
- Highlight: Public
Operator of electric vehicle rental services for last mile delivery. This business provides electric scooters and three-wheeled loaders for commercial use. The service model includes battery swapping infrastructure to support continuous vehicle operation. Users access these vehicles through a digital platform to facilitate the transport of goods. The business maintains the fleet and provides technical support for the vehicles.
Key facts about Zypp Electric
- Founded Year: 2017
- Location: Gurugram (India)
- Annual Revenue: ₹100 - ₹500 Cr as on Mar 31, 2026
- Valuation: $*****
- Stage: Series C
- Total Funding till date: $76.5M
- Employee Count: 1,099 as on May 31, 2026
- Investors: LetsVenture, L N Bangur Group and 174 Others
- Latest Funding Round: Series C, Jan 15, 2025, $*****
- Highlight: Editors' Pick
5. Alt Mobility
Provider of electric vehicle leasing and lifecycle management solutions. The company delivers vehicle selection, leasing, service, and repairs. Real-time fleet monitoring, charging, and hubs are also provided. It offers financing options for vehicle leasing. Support for service, repair, warranty, and insurance claims is available.
Key facts about Alt Mobility
- Founded Year: 2020
- Location: Delhi (India)
- Annual Revenue: ₹50 - ₹100 Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series A
- Total Funding till date: $17.3M
- Employee Count: 118 as on Jul 31, 2026
- Investors: Shell, Trifecta Capital and 18 Others
- Latest Funding Round: Series A, Mar 28, 2025, $*****
- Highlight: Editors' Pick
IVY Growth Associates' Year-on-Year Investment Trends
IVY Growth Associates has invested in 74 companies over the last 5 years, with an average of 8 new investments annually in the last 5 years. In 2025, it made 1 investment, while as of Jan 2026, it has made 1 investment in this year. Its most recent first time investment was in FreshoKartz.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 1 | 0 | 1 |
2025 | 1 | 0 | 1 |
2024 | 6 | 0 | 6 |
2023 | 1 | 0 | 1 |
2022 | 23 | 0 | 23 |
2021 | 7 | 0 | 7 |
IVY Growth Associates' Investments by Stage
IVY Growth Associates has made 35 investments in Seed stage with an average round size of $777K, 2 investments in Series A stage with an average round size of $2.62M and 2 investments in Series B stage with an average round size of $10.5M.Stage of entry | No. of Investments |
|---|---|
Seed | 35 |
Series A | 2 |
Series B | 2 |
Note: We have considered here, only first round of investments
IVY Growth Associates' Investments by Sector
IVY Growth Associates has a diverse portfolio, with companies operating in the Consumer, Retail, Enterprise Applications, Sustainability Tech and Environment Tech. Notably, it has invested in 60 Tech companies, 50 Consumer (B2C) companies, 30 Enterprise (B2B) companies and at least 22 companies focusing on Software.Sector | No. of Investments |
|---|---|
Consumer | 17 |
Retail | 14 |
Enterprise Applications | 9 |
Sustainability Tech | 7 |
Environment Tech | 6 |
Others | 57 |
Note: We have considered here, only first round of investments
IVY Growth Associates' Investments by Geography
IVY Growth Associates has made most investments in India (39).IVY Growth Associates' recent investments
IVY Growth Associates has made 1 investments in 2026 so far - FreshoKartz.Here are the most recent investments by IVY Growth Associates:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Jan 24, 2026 | India | Seed | 5788 | [+19] | |
Feb 10, 2025 | India | Seed | 5234 | - | |
Jul 03, 2024 | India | Seed | 6999 | [+19] | |
Jun 27, 2024 | India | Series B | 7375 | [+12] | |
May 07, 2024 | India | Seed | 2846 | [+27] |
IPOs and Publicly Listed companies in IVY Growth Associates' Portfolio
1 of IVY Growth Associates' portfolio company became public - ZappFresh. It got listed on the Bombay Stock Exchange (BSE), in Oct 2025 at marketcap of $25.1MHere are IVY Growth Associates' portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Oct 09, 2025 | Sep 06, 2021 | Series A | 6556 |
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Acquired companies in IVY Growth Associates' Portfolio
3 companies from IVY Growth Associates' portfolio have been acquired. The most recent acquisition was ClearDekho in Apr 2025 by SMV Jaipuria Group for $*****.Here are IVY Growth Associates' portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Apr 23, 2025 | Oct 10, 2022 | Series A | 4774 | |
Jun 17, 2023 | Jul 20, 2022 | Seed | 8153 | |
Apr 06, 2022 | - | - | 4974 |
Co-investors of IVY Growth Associates
Over the past 5 years, 1662 investors have co-invested in IVY Growth Associates's portfolio companies. This includes funds and angels.
- Invested before IVY Growth Associates: Gaurav Singhvi Ventures, Marwari Catalysts and 584 others have invested in rounds before IVY Growth Associates. There are 3 companies where Gaurav Singhvi Ventures has invested before IVY Growth Associates and 3 companies where Marwari Catalysts has invested before IVY Growth Associates.
- Top Co-investors of IVY Growth Associates: 787 investors entered a company along with IVY Growth Associates. These include investors like Nine Spar Partner (9 companies).
- Invested after IVY Growth Associates: A total of 289 investors have invested in IVY Growth Associates's portfolio after their investments. Top Investors include LetsVenture (4 companies) and ah! Ventures (2 companies).
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