All In Capital unveils ₹200 Cr second investment fund

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All In Capital has launched its second venture capital fund, targeting a corpus of ₹200 crore. The firm, co-founded by Kushal Bhagia and Aditya Singh, is an early-stage investment firm known for backing high-potential startups in India. This fund also includes a greenshoe option of ₹100 crore, taking the total capacity to ₹300 crore. It aims to support 50 startups over the next three years, with an initial investment of up to ₹5 crore per startup. The focus sectors include fintech, deeptech, consumer tech, and consumer brands. Fund II has already secured ₹85 crore from family offices across India and overseas. The firm previously launched Fund I in 2022, deploying $11 million across 51 startups. With this new initiative, All In Capital reinforces its commitment to fostering India’s startup ecosystem.

1. Understanding All In Capital and Its Investment Model

1.1 Overview of All In Capital

All In Capital is a pre-seed and seed-stage venture capital firm focused on funding and mentoring early-stage startups in India. It was founded in 2022 by Kushal Bhagia, a former UpGrad executive, and Aditya Singh. The firm has built a strong reputation for backing bold and visionary founders at the earliest stages of their journey.

1.2 Revenue and Working Model

The firm primarily earns through equity investments, where it takes a stake in promising startups. It also generates returns when these companies scale, secure follow-on funding, or undergo acquisitions. The firm’s founder-focused model extends beyond financial backing, providing hands-on mentorship, strategic guidance, and access to an extensive investor network.

1.3 Background of Founders

Kushal Bhagia, a seasoned entrepreneur and investor, has been actively involved in the Indian startup ecosystem for over 13 years. Aditya Singh, co-founder of All In Capital, shares a similar vision of nurturing startups by providing early-stage capital and strategic mentorship.

1.4 Previous Funding Initiatives

In 2022, All In Capital launched its first fund with a corpus of $11 million (₹95 crore), backing 51 startups. More than half of these startups secured follow-on funding, establishing the firm as a strong player in India’s startup ecosystem.

2. All In Capital Fund II: Vision and Strategy

2.1 Fund Structure and Target Corpus

All In Capital Fund II is set at ₹200 crore, with an additional ₹100 crore available through a greenshoe option. This takes the fund’s total potential to ₹300 crore. The fund has already marked its first close at ₹85 crore, raised from prominent family offices across India and overseas.

2.2 Sectoral Focus and Investment Strategy

While maintaining a sector-agnostic approach, Fund II will emphasize investments in four key areas:

1. Fintech – Supporting startups innovating in digital payments, banking solutions, and wealth management.
2. Deeptech – Investing in artificial intelligence (AI), blockchain, and other emerging technologies.
3. Consumer Tech – Enabling the growth of digital-first brands and tech-driven consumer solutions.
4. Consumer Brands – Supporting direct-to-consumer (D2C) brands and e-commerce innovations.

2.3 Initial and Follow-On Investments

The firm plans to invest up to ₹5 crore in each of the 50 startups over three years. Additionally, select high-performing startups will receive follow-on funding to scale operations and expand market reach.

2.4 Existing Investments Under Fund II

Some startups that have already secured investments from All In Capital Fund II include:

• Taakat – A mass-market FMCG brand.
• MedMitra – AI-powered co-pilot for doctors.
• Spill Games – A mobile gaming studio.
• Krrvy – A shapewear and lingerie brand for modern Indian women.
• Mixar – AI startup specializing in 3D modeling and animation.

3. All In Capital’s Growth Impact on India’s Startup Ecosystem

3.1 Contribution to Startup Ecosystem

By investing in early-stage startups, All In Capital plays a critical role in strengthening India’s entrepreneurial landscape. The firm actively supports founders through its founder-support platform, All Stars, which provides mentorship, hiring assistance, and access to global investors.

3.2 Portfolio Performance and Market Trends

All In Capital’s first fund backed 51 startups, with over 50% securing additional funding. Some notable startups from its portfolio include:

• PierSight Space – A satellite intelligence startup.
• NewMe – A fashion-tech company.
• Magma – A cutting-edge AI venture.
• Vaaree – A home decor brand disrupting the D2C market.
• MeetRecord – A SaaS platform for sales intelligence.

3.3 Future Investment Plans

With Fund II, All In Capital aims to scale its investments further, supporting an additional 50 startups. The firm envisions backing 1,000 founders in the long run, cementing its role as a foundational player in India’s venture capital ecosystem.

4. Learning for Startups and Entrepreneurs

4.1 Importance of Early-Stage Funding

Securing pre-seed and seed-stage funding is crucial for startups looking to scale. Entrepreneurs should focus on building a strong business model and a scalable product to attract investors.

4.2 Role of Sectoral Focus in Investment

Understanding the sectors that attract investments, such as fintech and deeptech, can help startups align their innovations with market trends.

4.3 Value of Founder Support Networks

Beyond funding, access to mentorship, strategic guidance, and an investor network significantly impacts a startup’s growth journey.

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