About Kalaari Capital
Kalaari Capital is a venture capital firm founded in 2006. It is primarily based out of Bengaluru, India. As of Apr 2026, Kalaari Capital is an active investor, having invested in 161 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 Nudgebee Overall, Kalaari Capital portfolio has seen 8 unicorns, 3 IPOs and 32 acquisitions including key companies like Cult.fit, Snapdeal and BlueStone. 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
Portfolio Soonicorns
Kalaari Capital's List of Top Investments
Kalaari Capital has a portfolio of 161 companies, including 8 unicorns. Their most notable investments are in MeshDefend and Pascal AI Labs.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: Accel, Temasek and 100 Others
- Latest Funding Round: Series G, Mar 17, 2026, $*****
- Highlight: Editors' Pick
2. Snapdeal
Online retailer of clothing, shoes, and home decor items. The business provides a platform for shoppers seeking fashion and lifestyle products. It focuses on offering options that cater to various customer needs. The business aims to make online shopping accessible for users.
Key facts about Snapdeal
- Founded Year: 2010
- Location: Gurugram (India)
- Annual Revenue: ₹100 - ₹500 Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series H
- Total Funding till date: $1.77B
- Employee Count: 339 as on May 31, 2026
- Investors: Bessemer Venture Partners, Premji Invest and 56 Others
- Latest Funding Round: Angel, Jul 23, 2019, $*****
- Highlight: Editors' Pick
3. 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, 2025
- Stage: Public
- Total Funding till date: $255M
- Employee Count: 1,943 as on Mar 31, 2025
- Investors: Dragoneer Investment Group, Accel and 64 Others
- Latest Funding Round: Conventional Debt, May 14, 2025, $*****
- Highlight: Public
4. 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: 457 as on Jun 30, 2026
- Investors: Kalaari Capital, Kstart and 28 Others
- Latest Funding Round: Series C, Apr 12, 2021, $*****
- Highlight: Editors' Pick
Manufacturer of interactive educational robots designed for child learning development. These devices provide access to games, stories, and educational content focused on problem solving, critical thinking, and social interaction. The hardware includes automated movement capabilities and integrated light displays to facilitate engagement. Users manage device settings and content access through a mobile application. The product line includes various models and accessories intended to support skill building in science and mathematics.
Key facts about Miko Technologies
- Founded Year: 2015
- Location: Mumbai (India)
- Annual Revenue: ₹100 - ₹500 Cr as on Mar 31, 2024
- Valuation: $*****
- Stage: Series D
- Total Funding till date: $102M
- Employee Count: 486 as on Jun 30, 2026
- Investors: Accelerator Ventures, Innoven Capital and 118 Others
- Latest Funding Round: Series D, Aug 16, 2025, $*****
- Highlight: Editors' Pick
Kalaari Capital's Year-on-Year Investment Trends
Kalaari Capital has invested in 161 companies over the last 19 years, with an average of 9 new investments annually in the last 10 years. In 2025, it made 19 investments, while as of Apr 2026, it has made 4 investments in this year. Its most recent first time investment was in Nudgebee and most recent follow-on round was in Mozark.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 3 | 1 | 4 |
2025 | 11 | 8 | 19 |
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, 67 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 | 67 |
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 149 Tech companies, 98 Consumer (B2C) companies, 75 Enterprise (B2B) companies and at least 65 companies focusing on Software.Sector | No. of Investments |
|---|---|
Consumer | 61 |
Enterprise Applications | 46 |
Retail | 39 |
FinTech | 18 |
High Tech | 18 |
Others | 180 |
Note: We have considered here, only first round of investments
Kalaari Capital's Investments by Geography
Kalaari Capital has made most investments in India (144), followed by United States where it has made 15 investments.Country | No. of Investments |
|---|---|
India | 144 |
United States | 15 |
Singapore | 3 |
Note: We have considered here, only first round of investments
Kalaari Capital's recent investments
Kalaari Capital has made 4 investments in 2026 so far. Nudgebee and Fanon 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 |
|---|---|---|---|---|---|
Apr 21, 2026 | India | Seed | 5399 | - | |
Mar 31, 2026 | India | Seed | 2435 | ||
Mar 10, 2026 | Singapore | Series B | 4827 | [+1] | |
Feb 11, 2026 | India | Seed | 4114 | - | |
Dec 16, 2025 | India | Series B | 1246 | [+4] |
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 | {bqbixn | ||
66 | Platform offering rural B2B E-commerce and logistics | 2014 | Pune | Series E | hvvemls | ||
77 | Broker-based online trading and investment platform | 2009 | Mumbai | Series C | xmjogll | ||
84 | Provider of fitness memberships encompassing group classes, gyms, and at-home workouts | 2016 | Bengaluru | Series G | l{mgvuy | ||
78 | Provider of financial management tools for credit card bill payments | 2018 | Bengaluru | Series H | rdbrqwi |
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 | 1455 | |
Aug 15, 2025 | Sep 12, 2012 | Series A | 8952 | |
Dec 23, 2021 | - | - | 9675 |
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 | 1597 | |
Feb 22, 2025 | Nov 17, 2015 | Series A | 5466 | |
Feb 06, 2025 | Oct 30, 2017 | Series A | 8094 | |
Oct 11, 2024 | Mar 26, 2014 | Series A | 1240 | |
Apr 18, 2024 | 2012 | Series A | 9318 |
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: 413 investors entered a company along with Kalaari Capital. These include investors like Angel List (8 companies).
- Invested after Kalaari Capital: A total of 852 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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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 Fundigrownews.com•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
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