About First Principles
First Principles is a venture capital firm founded in 2018. It is primarily based out of Bengaluru, India. As of Jan 2026, First Principles is an active investor, having invested in 39 companies, with 1 new investment in the last 12 months. It primarily invests in Seed 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 C round of Vibrant Therapeutics Overall, First Principles portfolio has seen 1 unicorn and 7 acquisitions including key companies like Fynd, Droom and EVERFI. A lot of funds co-invest with First Principles, with names like Angel List sharing a substantial percentage of its portfolio. First Principles has team of 1 people including 1 partners.Key Metrics
Team Members
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Seed & Series C
Portfolio Acquisitions
Portfolio Unicorns
Portfolio Soonicorns
Deals in last 12 months
First Principles' List of Top Investments
First Principles has a portfolio of 39 companies, one of which is a Unicorn. Their most notable investmentis in ScalenutTheir portfolio spans across India, United States, Singapore and 1 more locations. They have invested in Enterprise Applications, High Tech, Retail and 20 other sectors, across stages such as Seed, Series C stages. Here is the list of top investments by First Principles:1. 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: 1,543 as on May 31, 2026
- Investors: WestBridge Capital, India Quotient and 15 Others
- Latest Funding Round: Series B, Jan 25, 2022, $*****
- Highlight: Editors' Pick
2. Fynd
Platform powering online and in-store retail operations using AI-driven tools. It enables brands to build and manage e‑commerce sites, mobile apps, and physical store experiences from a single interface. The platform supports catalog management, personalized marketing, order fulfillment, logistics, analytics, and immersive features like AR try-ons.
Key facts about Fynd
- Founded Year: 2012
- Location: Mumbai (India)
- Annual Revenue: ₹100 - ₹500 Cr as on Mar 31, 2025
- Last Known Valuation: $*****
- Stage: Acquired
- Total Funding till date: $16M
- Employee Count: 2,422 as on Apr 30, 2025
- Investors: Kalysta Capital, Tian Tian Ventures and 93 Others
- Latest Funding Round: Series C, Mar 29, 2018, $*****
- Highlight: Acquired
3. Droom
Online retailer of used and new automobiles, plus related services. It provides a platform for individuals to buy, sell, exchange, finance, insure, inspect, and certify vehicles. The platform offers a selection of automobiles across multiple categories. It facilitates vehicle inspection and certification for condition, pricing, and history. The company provides loans, warranty, and vehicle delivery services.
Key facts about Droom
- Founded Year: 2014
- Location: Gurugram (India)
- Annual Revenue: ₹100 - ₹500 Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series G
- Total Funding till date: $344M
- Employee Count: 382 as on Sep 30, 2026
- Investors: IAM Group, Beenos and 67 Others
- Latest Funding Round: Series G, Mar 26, 2025, $*****
- Highlight: Editors' Pick
4. EVERFI
Everfi provides online courses for workplace training, higher, and school educational institutes. It provides courses on various life skill topics including health and wellness, adult consumer education, entrepreneurship, workplace training, people management, finances, drug safety, professional development courses for teachers, etc. It works on a subscription-based model.
Key facts about EVERFI
- Founded Year: 2008
- Location: Washington, DC (United States)
- Last Known Valuation: $*****
- Stage: Acquired
- Total Funding till date: $252M
- Employee Count: 264 as on Sep 30, 2026
- Investors: Allen & Company, Savano Capital Partners and 22 Others
- Latest Funding Round: Series D, Apr 26, 2017, $*****
- Highlight: Acquired
Chains providing specialty coffee and curated food offerings. The business operates a network of cafes offering a variety of coffee roasts, including single-origin beans and special blends, alongside a selection of food items. Customers can purchase coffee equipment, brewing accessories, and merchandise through both physical retail locations and online platforms. The company focuses on providing a diverse range of coffee experiences, from light to dark roasts, catering to both casual drinkers and coffee enthusiasts.
Key facts about Third Wave Coffee
- Founded Year: 2016
- Location: Bengaluru (India)
- Annual Revenue: ₹100 - ₹500 Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series D
- Total Funding till date: $108M
- Employee Count: 2,116 as on May 31, 2026
- Investors: WestBridge Capital, NB Ventures and 75 Others
- Latest Funding Round: Series D, Aug 24, 2026, $*****
- Highlight: Editors' Pick
First Principles' Year-on-Year Investment Trends
First Principles has invested in 39 companies over the last 6 years, with an average of 0 new investment annually in the last 5 years. As of Jan 2026, it has made 1 investment in this year. Its most recent first time investment was in Vibrant Therapeutics and most recent follow-on round was in Clinikk.First Principles' Investments by Stage
First Principles has made 4 investments in Seed stage with an average round size of $1.21M and 1 investment in Series C stage with an average round size of $61M.Stage of entry | No. of Investments |
|---|---|
Seed | 4 |
Series C | 1 |
Note: We have considered here, only first round of investments
First Principles' Investments by Sector
First Principles has a diverse portfolio, with companies operating in the Enterprise Applications, Blockchain - Industry Applications, Blockchain Technology, FinTech and HealthTech. Notably, it has invested in 36 Tech companies, 25 Enterprise (B2B) companies, 23 Software companies and at least 20 companies focusing on Consumer (B2C).Sector | No. of Investments |
|---|---|
Enterprise Applications | 2 |
Blockchain - Industry Applications | 1 |
Blockchain Technology | 1 |
FinTech | 1 |
HealthTech | 1 |
Others | 4 |
Note: We have considered here, only first round of investments
First Principles' Investments by Geography
First Principles has made most investments in India (3), followed by China where it has made 1 investment.Country | No. of Investments |
|---|---|
India | 3 |
China | 1 |
United States | 1 |
Note: We have considered here, only first round of investments
First Principles' recent investments
First Principles has made 1 investments in 2026 so far - Vibrant Therapeutics.Here are the most recent investments by First Principles:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Jan 12, 2026 | China | Series C | 9662 | [+4] | |
Oct 28, 2021 | India | Seed | 7851 | [+48] | |
Nov 20, 2020 | India | Seed | 8787 | [+21] | |
Nov 11, 2020 | India | Seed | 8648 | [+26] | |
Jul 24, 2020 | United States | Seed | 3545 | [+15] |
Unicorns in First Principles' Portfolio
First Principles has 1 unicorn in its portfolio - Droom. The most recent unicorn in their portfolio is Droom which became a unicorn in 2021, 5 years before First Principles first invested in it.Here is a list of unicorns in First Principles' portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
72 | Online retailer of used and new automobiles, plus related services | 2014 | Gurugram | Series G | {wyoecd |
Acquired companies in First Principles' Portfolio
7 companies from First Principles' portfolio have been acquired. The most recent acquisition was Gramophone in Jan 2026 by Unnati for $*****.Here are First Principles' portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jan 04, 2026 | - | - | 5266 | |
Jan 02, 2025 | - | - | 8261 | |
Jun 15, 2022 | - | - | 7151 | |
Aug 02, 2019 | - | - | 1806 | |
May 02, 2016 | - | - | 1284 |
Team profile of First Principles
First Principles has a team of 1 member located in India. First Principles' team sits on the board of 1 company.Co-investors of First Principles
Over the past 6 years, 164 investors have co-invested in First Principles's portfolio companies. This includes funds and angels.
- Invested before First Principles: Surge, Poonam Ajay Prabhu and 13 others have invested in rounds before First Principles. There is 1 company where Surge has invested before First Principles and 1 company where Poonam Ajay Prabhu has invested before First Principles.
- Top Co-investors of First Principles: 73 investors entered a company along with First Principles. These include investors like Angel List (3 companies).
- Invested after First Principles: A total of 76 investors have invested in First Principles's portfolio after their investments. Top Investors include Kunal Shah (2 companies), Qed Innovation Labs (2 companies) and Surge (1 company).
