About Kalaari Capital
Kalaari Capital is a venture capital firm founded in 2006. It is primarily based out of Bengaluru, India. As of Aug 2026, Kalaari Capital is an active investor, having invested in 162 companies, with 8 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 Enterprise Applications to Consumer and Retail. Most recently it participated in the $***** Seed round of JB Air Overall, Kalaari Capital portfolio has seen 8 unicorns, 3 IPOs and 32 acquisitions including key companies like Cult.fit, BlueStone and Myntra. A lot of funds co-invest with Kalaari Capital, with names like Angel List sharing a substantial percentage of its portfolio. Kalaari Capital has team of 25 people including 12 partners.Key Metrics
Team Members
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Series A, Seed & 4 more
Portfolio IPOs
Portfolio Acquisitions
Portfolio Unicorns
Kalaari Capital's List of Top Investments
Kalaari Capital has a portfolio of 162 companies, including 8 unicorns. Their most notable investments are in ElasticRun and LXME.Their portfolio spans across India, United States, Singapore and 1 more locations. They have invested in Enterprise Applications, Consumer, Retail and 28 other sectors, across stages such as Series A, Seed and 4 more. Here is the list of top investments by Kalaari Capital:
1. Cult.fit
Provider of fitness memberships encompassing group classes, gyms, and at-home workouts. It offers various membership tiers providing access to different combinations of in-person and virtual fitness options. These options include group fitness classes led by trainers, access to gyms with varying levels of equipment and amenities, and live at-home workout sessions. Memberships also incorporate access to sports activities such as badminton and swimming. The company also provides coaching programs focused on weight loss and wellness resources. The offerings aim to create a holistic fitness experience.
Key facts about Cult.fit
- Founded Year: 2016
- Location: Bengaluru (India)
- Annual Revenue: ₹100 - ₹500 Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series G
- Total Funding till date: $714M
- Employee Count: 1,832 as on Apr 30, 2025
- Investors: Chiratae Ventures, Temasek and 100 Others
- Latest Funding Round: Series G, Mar 17, 2026, $*****
- Highlight: Editors' Pick
2. 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
3. WinZO
Digital platform offering a wide range of online games with monetization options and social features. It is a social gaming and interactive entertainment platform offering a wide variety of games and interactive experiences. It offers puzzle, arcade, sports, racing, card games fantasy sports and esports.
Key facts about WinZO
- Founded Year: 2018
- Location: Delhi (India)
- Annual Revenue: ₹500 - ₹1,000 Cr as on Mar 31, 2023
- Valuation: $*****
- Stage: Series C
- Total Funding till date: $92.1M
- Employee Count: 422 as on Aug 31, 2026
- Investors: Kalaari Capital, Kstart and 28 Others
- Latest Funding Round: Series C, Apr 12, 2021, $*****
- Highlight: Editors' Pick
4. Myntra
Online retailer of fashion, lifestyle, beauty, personal care, and home products. The company provides clothing, footwear, accessories, personal care items, and home furnishings. Merchandise includes apparel, shoes, jewellery, makeup, skincare, home décor, and bedding. The business offers a loyalty program and a personalized fashion feed.
Key facts about Myntra
- Founded Year: 2007
- Location: Bengaluru (India)
- Annual Revenue: ₹1,000+ Cr as on Mar 31, 2025
- Last Known Valuation: $*****
- Stage: Acquired
- Total Funding till date: $125M
- Employee Count: 1,031 as on Apr 30, 2026
- Investors: Helion Venture Partners, Chiratae Ventures and 25 Others
- Latest Funding Round: Series E, Jan 27, 2014, $*****
- Highlight: Acquired
5. Eloelo
Provider of live social entertainment platform. It enables creators to host interactive video and audio livestreams, connecting with viewers and fans through livestreams in multiple Indian languages. The platform offers features like social live streams, multiplayer games, chats, and audio calls in seven languages.
Key facts about Eloelo
- Founded Year: 2020
- Location: Bengaluru (India)
- Annual Revenue: ₹50 - ₹100 Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series B
- Total Funding till date: $51.1M
- Employee Count: 202 as on Feb 28, 2026
- Investors: LetsVenture, Kalaari Capital and 34 Others
- Latest Funding Round: Series B, Apr 04, 2025, $*****
- Highlight: Editors' Pick
Kalaari Capital's Year-on-Year Investment Trends
Kalaari Capital has invested in 162 companies over the last 19 years, with an average of 9 new investments annually in the last 10 years. In 2025, it made 18 investments, while as of Aug 2026, it has made 5 investments in this year. Its most recent first time investment was in JB Air and most recent follow-on round was in Mozark.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 4 | 1 | 5 |
2025 | 11 | 7 | 18 |
2024 | 6 | 7 | 13 |
2023 | 2 | 12 | 14 |
2022 | 23 | 10 | 33 |
2021 | 16 | 11 | 27 |
2020 | 3 | 14 | 17 |
2019 | 8 | 17 | 25 |
2018 | 10 | 16 | 26 |
2017 | 4 | 13 | 17 |
Kalaari Capital's Investments by Stage
Kalaari Capital has made 69 investments in Series A stage with an average round size of $4.84M, 68 investments in Seed stage with an average round size of $2.22M and 6 investments in Series B stage with an average round size of $11M.Stage of entry | No. of Investments |
|---|---|
Series A | 69 |
Seed | 68 |
Series B | 6 |
Series C | 3 |
Series E | 2 |
Others | 2 |
Note: We have considered here, only first round of investments
Kalaari Capital's Investments by Sector
Kalaari Capital has a diverse portfolio, with companies operating in the Consumer, Enterprise Applications, Retail, FinTech and High Tech. Notably, it has invested in 150 Tech companies, 99 Consumer (B2C) companies, 76 Enterprise (B2B) companies and at least 65 companies focusing on Software.Sector | No. of Investments |
|---|---|
Consumer | 63 |
Enterprise Applications | 47 |
Retail | 41 |
FinTech | 18 |
High Tech | 18 |
Others | 182 |
Note: We have considered here, only first round of investments
Kalaari Capital's Investments by Geography
Kalaari Capital has made most investments in India (143), followed by United States where it has made 16 investments.Country | No. of Investments |
|---|---|
India | 143 |
United States | 16 |
Singapore | 4 |
Note: We have considered here, only first round of investments
Kalaari Capital's recent investments
Kalaari Capital has made 5 investments in 2026 so far. JB Air and Nudgebee are the latest among them.Here are the most recent investments by Kalaari Capital:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Aug 04, 2026 | India | Seed | 1450 | - | |
Apr 21, 2026 | India | Seed | 2729 | - | |
Mar 31, 2026 | India | Seed | 9106 | ||
Mar 10, 2026 | Singapore | Series B | 6136 | [+1] | |
Feb 11, 2026 | India | Seed | 2043 | - |
Unicorns in Kalaari Capital's Portfolio
Kalaari Capital has 8 unicorns in its portfolio - Jumbotail, ElasticRun, Upstox and others. The most recent unicorn in their portfolio is Jumbotail. It became a unicorn in 2025, 8 years after Kalaari Capital first invested in it.Here is a list of unicorns in Kalaari Capital's portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
61 | Operator of B2B marketplace and retail platform for food and grocery | 2015 | Bengaluru | Series D | plkddqb | ||
75 | Platform offering rural B2B E-commerce and logistics | 2014 | Pune | Series E | defbiuy | ||
77 | Broker-based online trading and investment platform | 2010 | Mumbai | Series C | zqdlf{t | ||
83 | Provider of fitness memberships encompassing group classes, gyms, and at-home workouts | 2016 | Bengaluru | Series G | kftkeis | ||
78 | Provider of financial management tools for credit card bill payments | 2018 | Bengaluru | Series H | soxyvrw |
IPOs and Publicly Listed companies in Kalaari Capital's Portfolio
3 of Kalaari Capital'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 Vyome Therapeutics got listed on the National Association of Securities Dealers Automated Quotations (NASDAQ).Here are Kalaari Capital's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Aug 19, 2025 | Mar 18, 2014 | Series B | 5890 | |
Aug 15, 2025 | Sep 12, 2012 | Series A | 5977 | |
Dec 23, 2021 | - | - | 7658 |
Acquired companies in Kalaari Capital's Portfolio
32 companies from Kalaari Capital's portfolio have been acquired. The most recent acquisition was Dubverse in Apr 2026 by Exotel for $*****.Here are Kalaari Capital's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Apr 08, 2026 | Apr 27, 2022 | Seed | 8047 | |
Feb 22, 2025 | Nov 17, 2015 | Series A | 4017 | |
Feb 06, 2025 | Oct 30, 2017 | Series A | 6677 | |
Oct 11, 2024 | Mar 26, 2014 | Series A | 9748 | |
Apr 18, 2024 | 2012 | Series A | 7950 |
Team profile of Kalaari Capital
Kalaari Capital has a team of 25 members including 12 Partners, 1 Venture Partner and 2 Principals located in India, United States and 2 more locations. Kalaari Capital's team sits on the board of 11 companies.Here is a list of top team members in Kalaari Capital:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | India | - | ||
Partner | India | |||
Partner | Bengaluru | |||
Partner | San Jose | - | ||
Partner | Bengaluru | - | ||
Partner | Hyderabad | |||
Partner | - | - | - | |
Partner | - | - | - | |
Partner | London | - | - |
Co-investors of Kalaari Capital
Over the past 19 years, 2129 investors have co-invested in Kalaari Capital's portfolio companies. This includes funds and angels.
- Invested before Kalaari Capital: Kstart, Wellfound and 862 others have invested in rounds before Kalaari Capital. There are 9 companies where Kstart has invested before Kalaari Capital and 8 companies where Wellfound has invested before Kalaari Capital.
- Top Co-investors of Kalaari Capital: 411 investors entered a company along with Kalaari Capital. These include investors like Angel List (8 companies).
- Invested after Kalaari Capital: A total of 854 investors have invested in Kalaari Capital's portfolio after their investments. Top Investors include Trifecta Capital (12 companies), Innoven Capital (11 companies) and BlackSoil (9 companies).
Recent News related to Kalaari Capital
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Kalaari Capital opens applications for investor fellowship programmeYourStory•Sep 04, 2026•Kalaari Capital
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Indian Firm Digantara Raises $50 Million for Missile-Tracking SystemsForbes•Jul 10, 2026•Digantara, Reliance Industries, 360 One, Peak XV Partners and 2 others
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Social media platform Fanon raises $1 million in round led by Kalaari, GruhasIndiatimes•Mar 31, 2026•Fanon, Kalaari Capital, Gruhas, FANDOM
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Agrim Raises $17.3M in Series B Funding Round Led by Asia Impact FundiGrow News•Mar 24, 2026•A-impactfund.com, Accion, Agrim, India Quotient and 2 others
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Mozark raises $40 Mn in Series B round led by IFC and RMB CapitalworksEntrackr•Mar 10, 2026•RMB Capitalworks, IFC, Mozark, Kalaari Capital
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A ban that keeps esports in the gameBusiness Line•Mar 02, 2026•JetSynthesys, Peak XV Partners, Kalaari Capital, Tiger Global Management
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HireBound Bags $2 Mn To Streamline Recruitment With AIInc42•Feb 24, 2026•HireBound, Infinyte Club, Careernet, Antler and 1 other
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Articulus Surgical Raises Funding from Kalaari CapitalEntrackr•Feb 11, 2026•Articulus Surgical, Kalaari Capital
