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Nearly a year after stepping down from the role of the CEO of Mirae Asset Venture Investments (India), Ashish Dave has launched his own venture capital firm to back growth-stage startups.

Called Sanskrit Capital, the Mumbai-based firm is targeting a corpus of ₹700 Cr to ₹1,000 Cr for its maiden fund, ET reported, citing sources. The fund will invest in Series B and Series C startups that have achieved product-market fit and are looking to scale.

The report added that Sanskrit Capital will operate as a single general partner (GP) fund and is in the process of obtaining the necessary approvals from SEBI as an alternative investment fund (AIF). 

The firm is expected to raise capital from domestic family offices, entrepreneurs and startup founders.

Sanskrit Capital reportedly plans to write cheques ranging from ₹50 Cr to ₹150 Cr and will reserve capital for follow-on investments in high-conviction portfolio companies. While the fund will be sector-agnostic, it is expected to focus on areas such as fintech, consumer internet, logistics, healthcare and enterprise AI.

On its website, Sanskrit Capital describes itself as an early and growth stage investment firm.

Dave declined to comment on Inc42’s queries about the VC firm’s maiden fund.

The move comes as India’s VC ecosystem undergoes a broader transformation, with several veteran investors launching independent funds after exiting their previous firms. 

Last month, former Peak XV Partners MDs Ashish Agrawal, Ishaan Mittal and Tejeshwi Sharma launched Mettle Capital, an India-focused VC firm targeting a corpus of $350 Mn-$400 Mn for its maiden fund.

In March, former Peak XV executives Shailesh Lakhani and Harshjit Sethi teamed up with former Sequoia Capital VP Mayank Porwal to launch Ambition Capital, an early stage VC fund targeting a $250 Mn corpus for its first fund.

Last year, former Nexus Venture Partners MD Sameer Brij Verma also launched Northpoint Capital Management, which subsequently secured commitments worth about $155 Mn for its debut fund.

Driving these fund launches is India’s rapidly growing startup ecosystem. The country is home to over 2.23 Lakh DPIIT-recognised startups, of which 129 are unicorns.

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