Nandan Nilekani backed Fundamentum Partnership launches Rs 2,200 Cr third fund

The Fundamentum Partnership, a venture capital firm focused on Series B investments, has launched its third fund with a target corpus of Rs 2,200 crore. The firm's founding partner, Nandan Nilekani, will serve as the anchor investor.

Founded in 2017 by Infosys co-founder Nandan Nilekani and Sanjeev Agarwal, Fundamentum will use the new multi-sector fund to back startups across consumer technology, fintech, and AI-native as well as AI-enabled businesses. The firm plans to invest Rs 100–150 crore in each portfolio company.

According to the company, Fundamentum has made 17 investments through its first two funds across sectors including consumer internet, Bharat-focused apps, fintech, B2B commerce, enterprise technology, and other emerging areas. Its portfolio includes startups such as Kuku, Spinny, PharmEasy, Stable Money, Wishlink, and AppsForBharat.

Fund III will be led by Sanjeev Aggarwal, Prateek Jain, Mayank Kachhwaha, and CFO Sanjay Chaturvedi. While Aggarwal and Jain have been with Fundamentum since its inception, Kachhwaha joined the firm to establish and lead its fintech investment practice.

On the launch of the third fund, Nilekani said, “This new fund is being launched at a significant moment as India's startup ecosystem enters a new phase, driven by technology, formalisation, expanding domestic demand and a robust digital public infrastructure that was practically absent a decade ago. Indian startups in the coming decade will scale at a pace unlike any previous generation, and Fundamentum with its expanded leadership team, is well positioned to enable that journey.”

This venture capital on the rationale for investing at Series B stage of funding noted that the early growth stage where companies have achieved product-market fit and preparing to scale remains a critical funding gap in the Indian startup ecosystem.

“Across Fund I and Fund II, we have backed exceptional founders with strong fundamentals and clear pathways to scale. As we launch Fund III, we are excited to see the evolution of home-grown leaders within the firm take on the mantle of General Partners. With this expanded leadership team, Fundamentum Partnership continues to be bullish in identifying the next generation of enduring tech-led businesses from India,” said Sanjeev Aggarwal.