Pentathlon Ventures raises Rs 255 Cr in Fund II

Pentathlon Ventures, an early-stage venture capital firm focused on B2B technology, has marked the final close of its second fund at Rs 255 crore.

The fund will invest in 16–20 seed-stage startups, continuing the firm’s conviction in backing India-based founders building for global markets.

The fund is backed by a diverse set of family offices, HNIs, and successful entrepreneurs across India, the United States, and the Middle East.

According to a statement, Fund II retains Pentathlon’s core thesis of early-stage B2B technology investing, led by experienced operators across sectors. The fund also expands its focus to areas such as enterprise AI transformation, fintech, healthtech, cybersecurity, logistics, and manufacturing.

On the focus of Fund II, Ashok Mayya, Managing Partner, Pentathlon Ventures, said, “We’re seeing strong founders emerge across enterprise AI, fintech, healthtech, and industrial technology, building solutions rooted in deep operational understanding.

"Many of these companies are inherently global in ambition, and our role is to support them beyond capital, particularly in refining enterprise go-to-market and scaling into markets like the US and the Middle East, with the help of our expanded investor base in these regions."

Pentathlon has already invested in eight companies through Fund II, building approximately half of its target portfolio.

A key evolution in Fund II is the firm's objective to lead or co-lead seed rounds, enabling earlier and deeper engagement with founders.

The firm also brings an increasingly global lens to its investing strategy, supported by a US feeder fund and a US-based partner, Ashok Mayya, strengthening access to international markets, particularly the US and the Middle East.

“The early progress across the portfolio, including multiple companies achieving 3x+ growth since investment, reinforces our belief in our investment approach. We remain focused on disciplined use-case first investing and backing exceptional founders in their niches to deliver strong, long-term returns for our LPs in this fast-changing world of AI,” said Gireendra Kasmalkar, Managing Partner, Pentathlon Ventures.

Over the next two years, Pentathlon Ventures will focus on building a concentrated portfolio of B2B technology companies, while continuing to work closely with founders on Series A/B readiness, enterprise go-to-market strategy, and global expansion, particularly in the US and Gulf markets.