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 Droom, EVERFI and Fynd. A lot of funds co-invest with First Principles, with names like Angel List sharing a substantial percentage of its portfolio.Key Metrics
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
Provider of GST billing, inventory, and accounting software for small businesses. It allows businesses to manage invoices, track inventory, and generate financial reports. It offers features such as payment reminders, expense tracking, and bank account linking. It streamlines accounting processes and ensures compliance with tax regulations.
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: Dharana, MMPL Trust and 14 Others
- Latest Funding Round: Series B, Jan 25, 2022, $*****
- Highlight: Editors' Pick
2. 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: 156 as on May 31, 2025
- Investors: IAM Group, Beenext and 67 Others
- Latest Funding Round: Series G, Mar 26, 2025, $*****
- Highlight: Editors' Pick
3. 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 Mar 31, 2026
- Investors: Savano Capital Partners, Allen & Company and 21 Others
- Latest Funding Round: Series D, Apr 26, 2017, $*****
- Highlight: Acquired
4. 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: Tian Tian Ventures, Google and 91 Others
- Latest Funding Round: Series C, Mar 29, 2018, $*****
- Highlight: Acquired
5. Sleepy Owl
Retailer of premium instant coffee, cold brew, and coffee accessories. The company offers a variety of coffee products, including instant coffee, cold brew, coffee bags, and ground coffee. It also provides a range of coffee accessories, such as frothers, tumblers, and mugs.
Key facts about Sleepy Owl
- Founded Year: 2016
- Location: Delhi (India)
- Annual Revenue: ₹10 - ₹50 Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series A
- Total Funding till date: $12M
- Employee Count: 64 as on Aug 31, 2025
- Investors: Angel List, Astir Ventures and 16 Others
- Latest Funding Round: Series A, Mar 23, 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 | 5129 | [+4] | |
Oct 28, 2021 | India | Seed | 6737 | [+48] | |
Dec 03, 2020 | India | Seed | 4539 | [+23] | |
Nov 11, 2020 | India | Seed | 2375 | [+26] | |
Jul 24, 2020 | United States | Seed | 1196 | [+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, 4 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 |
|---|---|---|---|---|---|---|---|
75 | Online retailer of used and new automobiles, plus related services | 2014 | Gurugram | Series G | viwxpsd |
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 | - | - | 3907 | |
Jan 02, 2025 | - | - | 9649 | |
Jun 15, 2022 | - | - | 2939 | |
Aug 02, 2019 | - | - | 5612 | |
May 02, 2016 | - | - | 8082 |
Co-investors of First Principles
Over the past 6 years, 166 investors have co-invested in First Principles's portfolio companies. This includes funds and angels.
- Invested before First Principles: Surge, Poonam Ajay Prabhu and 15 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: 75 investors entered a company along with First Principles. These include investors like Angel List (3 companies).
- Invested after First Principles: A total of 74 investors have invested in First Principles's portfolio after their investments. Top Investors include Kunal Naresh Shah (2 companies), QED Innovation Labs (2 companies) and Surge (1 company).
