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Former BharatPe COO Dhruv Dhanraj Bahl Launches INR 120 Cr Maiden VC Fund The fund seeks to create a diverse portfolio of "solutions for the future" and intends to invest in 40 start-ups over the course of the next three years, ranging from seed to pre-series A.

By Paromita Gupta

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Dhruv Dhanraj Bahl, Founder and Managing Partner, Eternal Capital

Eternal Capital, founded and managed by seasoned operator and former BharatPe COO Dhruv Dhanraj Bahl, has announced the launch of its maiden VC fund with a target corpus of INR 120 crore. The fund also includes a greenshoe option of another INR 120 crore, bringing its total capacity to INR 240 crore.

In November 2023, Eternal Capital was granted approval by SEBI to operate as a Category-I AIF. Notable operators and businesspeople who have already committed to the venture include Suhail Sameer, the former CEO of BharatPe; Deep Kalra, the founder of MakeMyTrip; Tarun Mathur, the co-founder of PolicyBazaar; Vikas Gupta, the CEO of VLCC; Adarsh Menon, the president of ZoomCar; Nalin Negi, the CEO of BharatPe; Sameer Chugh, the founder of Mosambee; and Saurabh Vashishtha, Kunal Suri, and Amit Bagaria, the founders of SimSim, among other well-known figures.

With an agnostic approach to sectors, the fund seeks to create a diverse portfolio of "solutions for the future" and intends to invest in 40 start-ups over the course of the next three years, ranging from seed to pre-series A.

The fund follows a broad co-investment thesis, which allows it to counter possible selection biases while expanding its existing network of investors and operators. It prioritises investments in start-ups led by seasoned operators that are at a post-PMF stage and can demonstrate profitable revenue potential in the mid- to long term.

Dhruv Dhanraj Bahl, Founder and Managing Partner, Eternal Capital, said, "We are one of the first and few operator-led VC firms in India. Globally, operator-led funds have outperformed more traditional peers due to their ability to connect easily, engage deeply, and add incremental value to the founders and the ventures they back. Our approach to date has been no different making us not only a 'partner of first choice' for founders but also the preferred co-investment partner for other funds."

Eternal Capital was founded by Bahl in October 2023. As a former early-stage angel, Dhruv has invested in 50+ start-ups since 2020 by partnering with several prominent funds and angels. Some of his portfolio ventures include Stupa Sports Analytics, Basic Home Loans, ApniBus, Volt Money, DrinkPrime, AdmitKard, GenWise, Vama, and Fleek, among others.

Paromita Gupta

Entrepreneur Staff

Features Writer with Entrepreneur India

Covering news and trends in AI and Metaverse segments. An avid book reader running her personal blog on the side. You may reach me at 
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