About Caspian
Caspian is a venture capital firm founded in 2004. It is primarily based out of Hyderabad, India. As of Apr 2026, Caspian is an active investor, having invested in 42 companies, with 3 new investments in the last 12 months. It primarily invests in Series A round in India based startups. Its investments are spread across a wide range of sectors from Food and Agriculture Tech to Enterprise Applications and Consumer. Most recently it participated in the $***** Series A round of Ecoil Overall, Caspian portfolio has seen 1 unicorn, 6 IPOs and 4 acquisitions including key companies like BlueStone, Jana Small Finance Bank and Ujjivan SFB. A lot of funds co-invest with Caspian, with names like Michael & Susan Dell Foundation sharing a substantial percentage of its portfolio. Caspian has team of 85 people including 19 partners.Key Metrics
Team Members
Portfolio Count
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Series A, Conventional Debt & 5 more
Portfolio IPOs
Portfolio Acquisitions
Portfolio Unicorns
Portfolio Soonicorns
Caspian's List of Top Investments
Caspian has a portfolio of 42 companies, one of which is a Unicorn. Their most notable investments are in Veritas and VBHC.Their portfolio spans across India, United States, Netherlands and 1 more locations. They have invested in Food and Agriculture Tech, Enterprise Applications, Consumer and 18 other sectors, across stages such as Series A, Conventional Debt and 5 more. Here is the list of top investments by Caspian:1. BlueStone
Retailer of gold diamond platinum and gemstone jewellery and coins. This business provides various accessories including rings earrings pendants bangles bracelets necklaces and chains. It offers products crafted from precious metals and stones for men women and children. The inventory includes items for daily wear and special occasions. Customers can purchase gold coins in different weights and purities. The business maintains an online store and physical retail outlets to facilitate product sales. It provides services related to the exchange and buyback of jewellery items.
Key facts about BlueStone
- Founded Year: 2011
- Location: Bengaluru (India)
- Annual Revenue: ₹1,000+ Cr as on Mar 31, 2026
- Stage: Public
- Total Funding till date: $255M
- Employee Count: 1,943 as on Mar 31, 2025
- Investors: Dragoneer Investment Group, Steadview and 64 Others
- Latest Funding Round: Conventional Debt, May 14, 2025, $*****
- Highlight: Public
Developer of automated irrigation systems leveraging AI and IoT. It optimize crop yields and reduce maintenance requirements. IT provides smart solar irrigation solutions for farmers, offering reliable and optimal irrigation with minimal maintenance.
Key facts about Ecozen Solutions
- Founded Year: 2010
- Location: Pune (India)
- Annual Revenue: ₹1,000+ Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series C
- Total Funding till date: $76.4M
- Employee Count: 716 as on Aug 31, 2025
- Investors: Triodos Investment Management, Caspian and 28 Others
- Latest Funding Round: Conventional Debt, Nov 10, 2025, $*****
- Highlight: Editors' Pick
Provider of banking services including savings accounts loans and deposits. The institution offers various financial products such as current accounts, fixed deposits, and recurring deposits. It facilitates fund transfers through electronic payment systems and provides credit facilities including vehicle, gold, and home loans. Additionally, the entity offers insurance products and investment options for individuals and business entities. Customers access these services through digital banking platforms or physical branches.
Key facts about Jana Small Finance Bank
- Founded Year: 2006
- Location: Bengaluru (India)
- Annual Revenue: ₹1,000+ Cr as on Mar 31, 2026
- Stage: Public
- Total Funding till date: $813M
- Employee Count: 25,381 as on Mar 31, 2025
- Investors: HDFC Mutual Fund, HarbourVest Partners and 86 Others
- Latest Funding Round: Conventional Debt, Dec 2025, $*****
- Highlight: Public
4. Ujjivan SFB
Provider of banking services including savings accounts loans and insurance. Financial offerings include various deposit accounts, fixed deposits, and recurring investment plans. Credit products consist of home loans, vehicle financing, gold loans, and micro-mortgages for individuals and businesses. The institution also facilitates foreign currency deposits, remittance services, and life, health, and general insurance products. Digital banking tools enable account management, fund transfers, and bill payments through mobile and internet platforms. Additional services include pension schemes, demat accounts, and wealth management options.
Key facts about Ujjivan SFB
- Location: Bengaluru (India)
- Annual Revenue: ₹1,000+ Cr as on Mar 31, 2024
- Stage: Public
- Total Funding till date: $364M
- Employee Count: 26,555 as on Mar 31, 2026
- Investors: CX Partners, Caspian and 19 Others
- Latest Funding Round: Post IPO, Sep 15, 2022, $*****
- Highlight: Public
5. BlackSoil
Provider of alternative debt and supply chain financing solutions to businesses. It focuses on providing debt to growing businesses underserved by traditional financial institutions. The company underwrites business models of emerging financial institutions. It also operates a supply chain fintech platform to streamline financing for suppliers and buyers.
Key facts about BlackSoil
- Founded Year: 2010
- Location: Mumbai (India)
- Annual Revenue: ₹100 - ₹500 Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series C
- Total Funding till date: $36.3M
- Employee Count: 170 as on May 31, 2026
- Investors: Caspian, Florintree and 11 Others
- Latest Funding Round: Conventional Debt, Mar 18, 2026, $*****
- Highlight: Editors' Pick
Caspian's Year-on-Year Investment Trends
Caspian has invested in 42 companies over the last 21 years, with an average of 2 new investments annually in the last 10 years. In 2025, it made 6 investments, while as of Apr 2026, it has made 1 investment in this year. Its most recent first time investment was in Ecoil and most recent follow-on round was in Ecozen Solutions.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 1 | 0 | 1 |
2025 | 6 | 0 | 6 |
2024 | 1 | 0 | 1 |
2023 | 0 | 1 | 1 |
2022 | 3 | 1 | 4 |
2021 | 2 | 1 | 3 |
2020 | 2 | 0 | 2 |
2019 | 1 | 2 | 3 |
2018 | 3 | 0 | 3 |
2017 | 0 | 1 | 1 |
Caspian's Investments by Stage
Caspian has made 9 investments in Series A stage with an average round size of $3.91M, 7 investments in Conventional Debt stage with an average round size of $3.24M and 5 investments in Seed stage with an average round size of $2.12M.Stage of entry | No. of Investments |
|---|---|
Series A | 9 |
Conventional Debt | 7 |
Seed | 5 |
Series B | 5 |
Series C | 1 |
Others | 2 |
Note: We have considered here, only first round of investments
Caspian's Investments by Sector
Caspian has a diverse portfolio, with companies operating in the Financial Services, Sustainability Tech, Consumer, Environment Tech and FinTech. Notably, it has invested in 26 Enterprise (B2B) companies, 21 Tech companies, 14 Consumer (B2C) companies and at least 10 companies focusing on Social impact.Sector | No. of Investments |
|---|---|
Financial Services | 14 |
Sustainability Tech | 12 |
Consumer | 6 |
Environment Tech | 6 |
FinTech | 4 |
Others | 27 |
Note: We have considered here, only first round of investments
Caspian's Investments by Geography
Caspian has made most investments in India (28), followed by United States where it has made 1 investment.Country | No. of Investments |
|---|---|
India | 28 |
United States | 1 |
Note: We have considered here, only first round of investments
Caspian's recent investments
Caspian has made 1 investments in 2026 so far - Ecoil.Here are the most recent investments by Caspian:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Apr 07, 2026 | India | Series A | 3185 | ||
Dec 06, 2025 | India | Series C | 9219 | [+1] | |
Nov 24, 2025 | India | Seed | 7447 | [+2] | |
May 30, 2025 | India | Conventional Debt | 8724 | ||
May 14, 2025 | India | Conventional Debt | 2293 |
Unicorns in Caspian's Portfolio
Caspian has 1 unicorn in its portfolio - Veritas. The most recent unicorn in their portfolio is Veritas which became a unicorn in 2024, 6 years after Caspian first invested in it.Here is a list of unicorns in Caspian's portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
59 | Provider of working capital loans for small businesses | 2015 | Chennai | Series G | yp{npcr |
IPOs and Publicly Listed companies in Caspian's Portfolio
6 of Caspian's portfolio companies have become public. BlueStone got listed on the Bombay Stock Exchange (BSE), National Stock Exchange (NSE), in Aug 2025 at marketcap of $897M and Triodos Bank got listed on the Euronext Exchange (Euronext) at marketcap of $499M.Here are Caspian's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Aug 19, 2025 | May 14, 2025 | Conventional Debt | 4548 | |
Jun 18, 2025 | - | - | 7691 | |
Feb 14, 2024 | Mar 2007 | Series A | 1729 | |
Aug 24, 2021 | Oct 17, 2012 | Series A | 4463 | |
Nov 02, 2020 | Jun 12, 2009 | Series A | 4793 |
Acquired companies in Caspian's Portfolio
4 companies from Caspian's portfolio have been acquired. The most recent acquisition was Credit Fair in Jul 2026 by BlackSoil for $*****.Here are Caspian's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jul 09, 2026 | Aug 03, 2022 | Conventional Debt | 4827 | |
Jan 27, 2022 | - | - | 6925 | |
Sep 13, 2012 | Jul 05, 2008 | Series A | 6354 | |
Sep 12, 2011 | Sep 16, 2010 | Series A | 5700 |
Team profile of Caspian
Caspian has a team of 85 members including 19 Partners and 5 Principals located in India, Iran and 2 more locations. Caspian's team sits on the board of 5 companies.Here is a list of top team members in Caspian:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | Hyderabad | |||
Partner | Hyderabad | - | ||
Partner | Hyderabad | GPS Renewables, FinReach and 2 more | ||
Partner | Hyderabad | - | - | |
Partner | Bengaluru | - | - | |
Partner | Redwood City | - | ||
Partner | Hyderabad | - | - | |
Partner | - | - | - | |
Partner | - | - | - | |
Partner | India | - | ||
Partner | Hyderabad | - |
Co-investors of Caspian
Over the past 21 years, 689 investors have co-invested in Caspian's portfolio companies. This includes funds and angels.
- Invested before Caspian: Stride Ventures, Trifecta Capital and 356 others have invested in rounds before Caspian. There are 4 companies where Stride Ventures has invested before Caspian and 4 companies where Trifecta Capital has invested before Caspian.
- Top Co-investors of Caspian: 42 investors entered a company along with Caspian. These include investors like Michael & Susan Dell Foundation (3 companies).
- Invested after Caspian: A total of 289 investors have invested in Caspian's portfolio after their investments. Top Investors include IFC (5 companies), Northern Arc Capital (4 companies) and British International Investment (4 companies).
Recent News related to Caspian
•
ECOIL raises $2.5 Mn in Series A led by Fundalogical VenturesEntrackr•Apr 07, 2026•Fundalogical Ventures, Ecoil, Momentum Capital, TCA and 1 other
•
FinReach Solutions Secures INR 21.9 Cr in Funding Round Led by Colossa VenturesEnablers•Nov 24, 2025•Michael & Susan Dell Foundation, Colossal, Omidyar Network, Caspian and 2 others
•
•
•
Mobility Startup Chalo Raises INR 53 Cr From Cofounders, Othershtsyndication.com•May 31, 2025•Chalo, Filter Capital, BlackSoil, Caspian
•
Bluestone has raised INR 40 Cr in debt funding round led by BlackSoilEnablers•May 14, 2025•BlueStone, BlackSoil, Caspian
•
Curefoods raises $6.6M in debt from BlackSoil GroupYourStory•Mar 24, 2025•Curefoods, Caspian, Sharief Bhai, Oliopizza and 2 others
•
Two Point O Capital raises $6.3 mn in funding led by OmnivoreNewsDrum•Sep 26, 2024•Two Point O Capital, Omnivore, RTP Global, GrowX Ventures and 6 others
•
Care.fi has raised INR 8 Cr in debt capital from Wint Wealth and Caspian.Enablers•Sep 26, 2024•Care.fi, Wint Wealth, Caspian Venture Capital, Care and 4 others
•
Merger of NBFCs: Caspian Debt to merge with BlackSoil CapitalIndiatimes•Sep 05, 2024•Caspian, BlackSoil, Caspian Debt
