About Dharana
Dharana is a venture capital firm founded in 2022. It is primarily based out of Dubai, United Arab Emirates. As of Oct 2026, Dharana is an active investor, having invested in 17 companies, with 4 new investments in the last 12 months. It primarily invests in Series B round in India based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to High Tech and FinTech. Most recently it participated in the $***** Series A round of Mesa School of Business Overall, Dharana portfolio has seen 1 unicorn, 2 IPOs and 1 acquisition including key companies like Urban Company, Eternal and NoBroker. A lot of funds co-invest with Dharana, with names like Abhiraj Singh Bhal sharing a substantial percentage of its portfolio. Dharana has team of 5 people including 1 partners.Key Metrics
Team Members
Portfolio Count
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Series B, Seed & 3 more
Portfolio IPOs
Portfolio Acquisitions
Portfolio Unicorns
Deals in last 12 months
Dharana's List of Top Investments
Dharana has a portfolio of 17 companies, one of which is a Unicorn. Their most notable investments are in Mygate and Zopper.Their portfolio spans across India and United States. They have invested in Enterprise Applications, High Tech, FinTech and 15 other sectors, across stages such as Series B, Seed and 3 more. Here is the list of top investments by Dharana:
Provider of home maintenance repair and personal care service professionals. This business facilitates the booking of technicians for appliance repair, plumbing, electrical work, and cleaning tasks. It also connects individuals with practitioners for salon, spa, and grooming treatments performed at residential addresses. The service model coordinates scheduling for various household maintenance and wellness requirements.
Key facts about Urban Company
- Founded Year: 2014
- Location: Gurugram (India)
- Annual Revenue: ₹1,000+ Cr as on Mar 31, 2026
- Stage: Public
- Total Funding till date: $376M
- Employee Count: 2,111 as on Mar 31, 2026
- Investors: ABG Capital, Dragoneer Investment Group and 51 Others
- Latest Funding Round: Angel, Jun 29, 2022, $*****
- Highlight: Public
2. Mygate
Provider of a community management and residential living platform. It is focused on visitor management, payments, bookings, communication, and society operations. Its resident app page describes features such as visitor approvals, amenity booking, and access to local services, while its broader offerings page highlights ERP, accounting, and security modules.
Key facts about Mygate
- Founded Year: 2016
- Location: Bengaluru (India)
- Annual Revenue: ₹100 - ₹500 Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series B
- Total Funding till date: $93.8M
- Employee Count: 747 as on Aug 31, 2025
- Investors: Prime Venture Partners, Dharana and 48 Others
- Latest Funding Round: Series B, Jun 10, 2026, $*****
- Highlight: Editors' Pick
3. Vyapar
Developer of software for business accounting and inventory management tasks. This platform enables users to generate invoices, track stock levels, and monitor financial transactions. It supports the creation of tax-compliant documents and provides tools for managing payment records. The software functions across multiple devices and allows for offline data entry with synchronization capabilities. Users can utilize features for barcode scanning, expense tracking, and report generation to maintain business records.
Key facts about Vyapar
- Founded Year: 2017
- Location: Bengaluru (India)
- Annual Revenue: ₹50 - ₹100 Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series B
- Total Funding till date: $35.9M
- Employee Count: 1,382 as on Aug 31, 2025
- Investors: WestBridge Capital, India Quotient and 15 Others
- Latest Funding Round: Series B, Jan 25, 2022, $*****
- Highlight: Editors' Pick
4. Petpooja
All-in-one software powering SME growth with POS, payroll, and more. They offer integrated solutions for small and medium businesses, specializing in restaurant POS software, payroll management, GST billing, invoice processing, and task automation. Their ecosystem empowers SMEs through industry expertise and creative problem-solving, driving efficiency and unlocking new possibilities. They provide solutions for attendance tracking, payroll management, leave monitoring, inventory management, and task management. They focus on simplicity, continuous innovation, transparent pricing, and dedicated support. Their offerings include POS, billing, inventory management, online ordering, CRM, menu management, and reporting. They cater to various outlet types, including fine dining, QSR, cafes, and cloud kitchens. They are a technology company offering SaaS solutions.
Key facts about Petpooja
- Founded Year: 2011
- Location: Ahmedabad (India)
- Annual Revenue: ₹100 - ₹500 Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series C
- Total Funding till date: $27M
- Employee Count: 1,784 as on Aug 31, 2025
- Investors: Dharana, Gujarat Venture Finance and 34 Others
- Latest Funding Round: Series C, Sep 26, 2025, $*****
- Highlight: Editors' Pick
5. Eternal
Operator of food delivery grocery retail and restaurant supply platforms. This organization manages multiple business units focused on food ordering, rapid grocery delivery, retail experiences, and wholesale ingredient procurement for restaurants. These services facilitate transactions between consumers, retail outlets, and food service providers. The business model integrates logistics and supply chain management to support food distribution and consumer commerce.
Key facts about Eternal
- Founded Year: 2008
- Location: Gurugram (India)
- Annual Revenue: ₹1,000+ Cr as on Mar 31, 2026
- Stage: Public
- Total Funding till date: $1.66B
- Employee Count: 6,750 as on Mar 31, 2026
- Investors: HDFC Mutual Fund, Fidelity Investments and 51 Others
- Latest Funding Round: Post IPO, Nov 28, 2024, $*****
- Highlight: Public
Dharana's Year-on-Year Investment Trends
Dharana has invested in 17 companies over the last 4 years, with an average of 3 new investments annually in the last 3 years. In 2025, it made 5 investments, while as of Oct 2026, it has made 5 investments in this year. Its most recent first time investment was in Mesa School of Business and most recent follow-on round was in Beyond Appliances.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 4 | 1 | 5 |
2025 | 4 | 1 | 5 |
2024 | 2 | 0 | 2 |
2023 | 2 | 0 | 2 |
2022 | 1 | 0 | 1 |
Dharana's Investments by Stage
Dharana has made 4 investments in Series B stage with an average round size of $17M, 3 investments in Seed stage with an average round size of $18.8M, 3 investments in Series A stage with an average round size of $9.72M, 2 investments in Series C stage with an average round size of $22.3M and 1 investment in Series D stage with an average round size of $25M.Stage of entry | No. of Investments |
|---|---|
Series B | 4 |
Seed | 3 |
Series A | 3 |
Series C | 2 |
Series D | 1 |
Note: We have considered here, only first round of investments
Dharana's Investments by Sector
Dharana has a diverse portfolio, with companies operating in the Enterprise Applications, FinTech, High Tech, Aerospace, Maritime and Defense Tech and Consumer. Notably, it has invested in 16 Tech companies, 12 Enterprise (B2B) companies, 11 Software companies and at least 9 companies focusing on Consumer (B2C).Sector | No. of Investments |
|---|---|
Enterprise Applications | 7 |
FinTech | 4 |
High Tech | 4 |
Aerospace, Maritime and Defense Tech | 3 |
Consumer | 1 |
Others | 14 |
Note: We have considered here, only first round of investments
Dharana's Investments by Geography
Dharana has made most investments in India (12), followed by United States where it has made 2 investments.Country | No. of Investments |
|---|---|
India | 12 |
United States | 2 |
Note: We have considered here, only first round of investments
Dharana's recent investments
Dharana has made 5 investments in 2026 so far. Mesa School of Business and Clueso are the latest among them.Here are the most recent investments by Dharana:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Oct 13, 2026 | India | Series A | 9597 | ||
Oct 13, 2026 | United States | Series A | 1666 | [+3] | |
Oct 06, 2026 | India | Series B | 1159 | ||
Jun 10, 2026 | India | Series B | 8278 | - | |
Feb 27, 2026 | India | Seed | 5583 | [+9] |
Unicorns in Dharana's Portfolio
Dharana has 1 unicorn in its portfolio - NoBroker. The most recent unicorn in their portfolio is NoBroker which became a unicorn in 2021, 4 years before Dharana first invested in it.Here is a list of unicorns in Dharana's portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
74 | Provider of real estate services connecting property owners with tenants and buyers | 2014 | Bengaluru | Series E | cwnscuo |
IPOs and Publicly Listed companies in Dharana's Portfolio
2 of Dharana's portfolio companies have become public. Urban Company got listed on the Bombay Stock Exchange (BSE), National Stock Exchange (NSE), in Sep 2025 at marketcap of $1.69B and Eternal got listed on the National Stock Exchange (NSE), Bombay Stock Exchange (BSE) at marketcap of $7.22B.Here are Dharana's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Sep 17, 2025 | - | - | 6136 | |
Jul 23, 2021 | - | - | 2908 |
Acquired companies in Dharana's Portfolio
1 company from Dharana's portfolio has been acquired. The most recent acquisition was Zopper in Jul 2018 by PhonePe for $*****.Here are Dharana's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jul 16, 2018 | Nov 21, 2024 | Series D | 9612 |
Team profile of Dharana
Dharana has a team of 5 members including 1 Partner and 1 Principal located in United Arab Emirates. Dharana's team does not sit on the board of any company as of now.Co-investors of Dharana
Over the past 4 years, 156 investors have co-invested in Dharana's portfolio companies. This includes funds and angels.
- Invested before Dharana: Tiger Global Management, Bessemer Venture Partners and 109 others have invested in rounds before Dharana. There are 2 companies where Tiger Global Management has invested before Dharana and 2 companies where Bessemer Venture Partners has invested before Dharana.
- Top Co-investors of Dharana: 41 investors entered a company along with Dharana. These include investors like Abhiraj Singh Bhal (2 companies).
- Invested after Dharana: A total of 4 investors have invested in Dharana's portfolio after their investments. Top Investors include Stride Ventures (1 company), Alteria Capital (1 company) and Srivatsan Rajan (1 company).
Recent News related to Dharana
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Y Combinator Joins $10M Series A for Indian AI Startup CluesoTech in Asia•Oct 13, 2026•Dharana, Y Combinator, F7 Ventures, Clueso and 4 others
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Beyond Appliances Raises ₹110 Crore in Series B Round Led by Fireside VenturesViestories•Oct 06, 2026•Fireside Ventures, Beyond Appliances, Dharana
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Mygate Secures ₹225 Cr from Dharana Capital to Expand Presence and Product OfferingsViestories•Jun 10, 2026•Dharana, Mygate
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Temple Bags $54 Million as Deepinder Goyal Bets Big on WearablesStartupNews•Feb 27, 2026•Peak XV Partners, Info Edge Ventures, Steadview, Vy Capital and 2 others
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Dharana Capital raises $250 million for second India fund, to back next-gen tech, consumer firmsMoneycontrol•Jan 12, 2026•Dharana, A91 Partners, Blume Venture, Accel and 1 other
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Indian restaurant tech firm Petpooja raises $16.5mTech in Asia•Sep 29, 2025•Dharana, Petpooja, Helion Capital, Urban Company and 4 others
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Indian Funding Roundup: Petpooja Raises $15.5 Mn, Kapiva Secures $60 Mn, YouTube Premium Lite Launch & Tata Motors CEO AppointmentStartupTalky•Sep 29, 2025•The Plaza Hotel, Petpooja, Tata Motors, Vaani and 3 others
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Smart Kitchen Startup Beyond Appliances Secures $4 Mn FundingInc42•Aug 19, 2025•Beyond Appliances, Dharana, Fireside Ventures
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