About Avataar Ventures
Avataar Ventures is a venture capital firm founded in 2019. It is primarily based out of Bengaluru, India. As of Apr 2026, Avataar Ventures is an active investor, having invested in 26 companies, with 4 new investments in the last 12 months. It primarily invests in Series D round in India based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to High Tech and Retail. Most recently it participated in the $***** Series B round of Ethereal Machines Overall, Avataar Ventures portfolio has seen 2 unicorns and 3 IPOs including key companies like Capillary Technologies, ElasticRun and Amagi. A lot of funds co-invest with Avataar Ventures, with names like SIG Venture Capital sharing a substantial percentage of its portfolio. Avataar Ventures has team of 22 people including 4 partners.Key Metrics
Team Members
Portfolio Count
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Series A, Series C & 4 more
Portfolio IPOs
Portfolio Unicorns
Deals in last 12 months
Avataar Ventures' List of Top Investments
Avataar Ventures has a portfolio of 26 companies, including 2 unicorns. Their most notable investments are in ElasticRun and Intangles.Their portfolio spans across India, United States and United Kingdom. They have invested in Enterprise Applications, High Tech, Retail and 14 other sectors, across stages such as Series A, Series C and 4 more. Here is the list of top investments by Avataar Ventures:
AI powered loyalty management software for enterprises. It is an omnichannel platform to optimize customer retention and engagement. The platform generates reports that provides visibility and insights into the loyalty performance. Its analytics tool allows businesses to segment customers, generate personalized coupons, run targeted campaigns, and predict customer behavior and affinities. Offering includes customer data platform, predictive analytics, and customer engagement.
Key facts about Capillary Technologies
- Founded Year: 2008
- Location: Bengaluru (India)
- Annual Revenue: ₹748Cr as on Mar 31, 2026
- Stage: Public
- Total Funding till date: $144M
- Employee Count: 687 as on Mar 31, 2026
- Investors: Norwest, Evolvence Equity Partners and 32 Others
- Latest Funding Round: Conventional Debt, Jun 01, 2023, $*****
- Highlight: Public
2. ElasticRun
Platform offering rural B2B E-commerce and logistics. It streamlines fulfillment, supply chain, and commerce for brands, retailers, and rural Kirana stores. It also provides a comprehensive logistics network to support the delivery of goods.
Key facts about ElasticRun
- Founded Year: 2014
- Location: Pune (India)
- Annual Revenue: ₹2,770Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series E
- Total Funding till date: $462M
- Employee Count: 1,557 as on Aug 31, 2025
- Investors: Goldman Sachs, Naspers and 28 Others
- Latest Funding Round: Series E, Feb 07, 2022, $*****
- Highlight: Editors' Pick
3. Amagi
Provider of cloud-based solutions for broadcast, streaming, and CTV advertising. The company offers cloud modernization, streaming unification, and monetization services. It provides a platform for remote production, media management, and channel origination. The company also offers linear distribution, VOD distribution, and FAST distribution. Additional solutions include dynamic ad insertion, analytics, and managed services.
Key facts about Amagi
- Founded Year: 2008
- Location: Bengaluru (India)
- Annual Revenue: ₹942Cr as on Mar 31, 2024
- Stage: Public
- Total Funding till date: $364M
- Employee Count: 749 as on Apr 30, 2025
- Investors: Norwest, Premji Invest and 30 Others
- Latest Funding Round: Series F, Nov 01, 2022, $*****
- Highlight: Public
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4. Chalo
Online platform offering app‑based bus tracking and ticketing services. It provides real-time location updates, ticket and pass booking features, and digital smart cards for convenient travel. The system integrates with city bus operators to optimize scheduling and reduce cash handling.
Key facts about Chalo
- Founded Year: 2014
- Location: Mumbai (India)
- Annual Revenue: $17.4M as on Mar 31, 2024
- Valuation: $*****
- Stage: Series D
- Total Funding till date: $117M
- Employee Count: 206 as on Jun 30, 2025
- Investors: BlackSoil, The Raine Group and 68 Others
- Latest Funding Round: Series D, May 30, 2025, $*****
- Highlight: Editors' Pick
5. Zenoti
Provider of management software for salons, spas, medical spas, and fitness. It allows businesses manage the operations including appointment booking, billing and payments, business intelligence, marketing, sales, employee and inventory management, and customer relationship management.
Key facts about Zenoti
- Founded Year: 2010
- Location: Bellevue (United States)
- Annual Revenue: ₹336Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series D
- Total Funding till date: $331M
- Employee Count: 862 as on Aug 31, 2025
- Investors: Steadview, Tiger Global Management and 5 Others
- Latest Funding Round: Series D, Jun 02, 2021, $*****
- Highlight: Editors' Pick
Avataar Ventures' Year-on-Year Investment Trends
Avataar Ventures has invested in 26 companies over the last 7 years, with an average of 4 new investments annually in the last 5 years. In 2025, it made 9 investments, while as of Apr 2026, it has made 1 investment in this year. Its most recent first time investment was in Ethereal Machines and most recent follow-on round was in InsuranceDekho.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 1 | 0 | 1 |
2025 | 7 | 2 | 9 |
2024 | 3 | 1 | 4 |
2023 | 4 | 3 | 7 |
2022 | 2 | 2 | 4 |
2021 | 4 | 2 | 6 |
2020 | 1 | 0 | 1 |
2019 | 2 | 0 | 2 |
Avataar Ventures' Investments by Stage
Avataar Ventures is primarily an Late Stage Investor investor majorly investing in Series A (6) rounds where average round size is $254M, Series C (6) rounds where average round size is $181M and Series D (5) rounds where average round size is $199M.Stage of entry | No. of Investments |
|---|---|
Series A | 6 |
Series C | 6 |
Series D | 5 |
Series B | 4 |
Series E | 2 |
Others | 1 |
Note: We have considered here, only first round of investments
Avataar Ventures' Investments by Sector
Avataar Ventures has a diverse portfolio, with companies operating in the Enterprise Applications, Vertical SaaS, High Tech, FinTech and Enterprise Infrastructure. Notably, it has invested in 24 Tech companies, 23 Enterprise (B2B) companies, 19 Software companies and at least 17 companies focusing on Saas.Sector | No. of Investments |
|---|---|
Enterprise Applications | 17 |
Vertical SaaS | 9 |
High Tech | 6 |
FinTech | 5 |
Enterprise Infrastructure | 4 |
Others | 30 |
Note: We have considered here, only first round of investments
Avataar Ventures' Investments by Geography
Avataar Ventures has made most investments in India (17), followed by United States where it has made 9 investments.Country | No. of Investments |
|---|---|
India | 17 |
United States | 9 |
United Kingdom | 1 |
Note: We have considered here, only first round of investments
Avataar Ventures' recent investments
Avataar Ventures has made 1 investments in 2026 so far - Ethereal Machines.Here are the most recent investments by Avataar Ventures:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Apr 27, 2026 | India | Series B | 4799 | [+1] | |
Dec 04, 2025 | India | Series C | 9097 | ||
Sep 27, 2025 | India | Series B | 3756 | ||
Jul 31, 2025 | United States | Series C | 6189 | [+5] | |
Jul 16, 2025 | India | Series A | 6931 |
Unicorns in Avataar Ventures' Portfolio
Avataar Ventures has 2 unicorns in its portfolio - ElasticRun and Zenoti. The most recent unicorn in their portfolio is ElasticRun. It became a unicorn in 2022, 2 years after Avataar Ventures first invested in it.Here is a list of unicorns in Avataar Ventures' portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
76 | Platform offering rural B2B E-commerce and logistics | 2014 | Pune | Series E | sg{gi{r | ||
74 | Provider of management software for salons, spas, medical spas, and fitness | 2010 | Bellevue | Series D | zebicld |
IPOs and Publicly Listed companies in Avataar Ventures' Portfolio
3 of Avataar Ventures' portfolio companies have become public. Amagi got listed on the Bombay Stock Exchange (BSE), National Stock Exchange (NSE), in Jan 2026 at marketcap of $858M and Capillary Technologies got listed on the Bombay Stock Exchange (BSE), National Stock Exchange (NSE) at marketcap of $516M.Here are Avataar Ventures' portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jan 21, 2026 | Sep 10, 2021 | Series E | 3682 | |
Nov 21, 2025 | May 31, 2023 | Series D | 8416 | |
Dec 17, 2021 | Aug 19, 2020 | Series A | 7071 |
Team profile of Avataar Ventures
Avataar Ventures has a team of 22 members including 4 Partners and 6 Principals located in India, United States and 1 more location. Avataar Ventures' team does not sit on the board of any company as of now.Here is a list of top team members in Avataar Ventures:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | Chicago | - | ||
Partner | Dubai | - | ||
Partner | Bengaluru | - | ||
Partner | Santa Clara | - | ||
Principal | Chennai | - | ||
Principal | Bengaluru | - | ||
Principal | - | - | - | |
Principal | India | - |
Co-investors of Avataar Ventures
Over the past 7 years, 431 investors have co-invested in Avataar Ventures's portfolio companies. This includes funds and angels.
- Invested before Avataar Ventures: Norwest, Peak XV Partners and 248 others have invested in rounds before Avataar Ventures. There are 7 companies where Norwest has invested before Avataar Ventures and 4 companies where Peak XV Partners has invested before Avataar Ventures.
- Top Co-investors of Avataar Ventures: 143 investors entered a company along with Avataar Ventures. These include investors like SIG Venture Capital (2 companies).
- Invested after Avataar Ventures: A total of 38 investors have invested in Avataar Ventures's portfolio after their investments. Top Investors include SoftBank Vision Fund (2 companies), Innoven Capital (2 companies) and Beams Fintech Fund (2 companies).
Recent News related to Avataar Ventures
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Avataar Ventures Joins India Deep-Tech Investment Alliance as Platinum General MemberThe Tribune•Apr 29, 2026•Avataar Ventures,
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Ethereal Machines to Raise USD 28.5 Mn in Series B Led by AvataarEntrepreneur•Apr 27, 2026•Ethereal Machines, Avataar Ventures, Peak XV Partners, and 2 others
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Avataar Venture Partners Expects Three IPOs From First Two Funds By 2028Livemint•Apr 26, 2026•Avataar Ventures
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Kabeer Biswas's new startup 'M' raises Rs 102 crore from Peak XV, othersViestories•Apr 23, 2026•Peak XV Partners, CRED, Blume Venture, Ethereal Machines and 3 others
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Faering Capital, Bay Capital join General Catalyst in PB Healthcare’s $218M maiden funding roundStartupNews•Nov 06, 2025•Think Investments, PB Fintech, Avataar Ventures, Faering Capital and 3 others
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Intangles secures USD 30 Million in Series B funding led by Avataar Venture PartnersEnablers•Oct 07, 2025•Avataar Ventures, Intangles, EQT, LinkedIn and 4 others
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SAFE Secures $70M Series C for CyberAGI & Launches Autonomous CTEMintelligence360•Aug 15, 2025•CyberAGI, Safe Security, Avataar Ventures
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SAFE Raises $70 Million Series C to Build CyberAGI,Unveils Autonomous CTEM SolutionCIO Influence•Jul 31, 2025•Safe Security, SIG Venture Capital, Prosperity7 Ventures, Avataar Ventures and 9 others
