Aviral’s ₹200 Cr Bet, PhonePe’s ESOP Buyback, and Zupee Axes 170 Jobs

When Aviral Bhatnagar announced the close of his debut fund at around ₹200 crore, it felt less like another new fund in India’s crowded VC landscape and more like the arrival of a different archetype - the solo GP with institutional heft. In a market where venture capital is still dominated by multi-partner platforms, Aviral’s AJVC stands out as one of the few single-person-led funds to reach this scale. His backers - family offices, HNIs, and unicorn founders - are betting on speed, conviction, and his personal founder network rather than the elaborate committee-driven machinery of legacy VC firms.

The appeal lies in AJVC’s execution edge. In less than nine months, it reviewed over 11,000 founder applications, built a half-million-strong community for sourcing, and maintained direct networks with more than 100 unicorn and soonicorn founders. The result: a deal flow that looks more like a scaled institutional fund than a one-person shop. Add to that a decision process compressed into three weeks - issuing a yes/no within 48 hours, backed by algorithmic scoring and structured diligence - and you see why LPs leaned in. Twenty-five investments in the first year, with 40% already skewed toward AI, are proof that this isn’t just about intent but velocity.

There’s also something symbolic here. Unlike many Indian funds that continue to lean heavily on offshore LPs, AJVC’s investor base is almost entirely domestic - family offices, unicorn founders, and senior executives of top firms. It suggests a maturing ecosystem where Indian wealth is now comfortable backing Indian managers, even experimental ones. That’s a marked shift from a decade ago when nearly all institutional capital came from overseas.

Aviral is not alone in this path, but the list is still short. Vaibhav Domkundwar’s Better Capital, Utsav Somani’s iSeed India, and Nisarg Shah’s Kettleborough VC are the other publicly confirmed solo-GP funds in India, all operating at micro-fund scale. Better Capital’s early bets on Open, Khatabook, and Jupiter validated the conviction-led, fast-check model. Kettleborough focuses on concentrated founder-led theses, while iSeed has positioned itself as a bridge to Silicon Valley. Yet compared to global peers like Elad Gil, who has raised over $1 billion, or Lachy Groom at $250 million, India’s solo-GPs remain modest.

The advantages are evident: agility, conviction, and personal networks. But so are the risks. With no large reserves, solo-GPs often struggle to defend ownership in follow-on rounds. Compliance under SEBI’s AIF regime weighs heavier on lean setups. And one-person risk, the fact that everything rests on one individual, remains the elephant in the room. LPs, especially institutions, still hesitate for these reasons, keeping most solo-GPs reliant on family offices rather than pensions or endowments.

Still, AJVC’s oversubscription tells us something about the direction of travel. In the near term, more such solo funds in the ₹50–200 crore range are likely, particularly in AI, fintech, SaaS, and healthcare. The mid-term evolution will depend on whether these managers can show actual distributions back to investors, not just paper markups. For now, Aviral has earned the right to prove that one person, a laptop, and a structured process can do the work of a traditional VC platform. The harder part, building repeatable returns and institutional trust, starts now.

Let’s go through what else is happening in Indian startup world - Grab your simmering cup of StartupChai.in and unwind with our hand-brewed memes.

“Kaddu Katega Toh Sab Mein Batega”: IPO-Bound PhonePe Initiates ESOP Buyback Worth INR 800 Cr

PhonePe is gearing up for its big IPO moment with a sweet gift to its team: an ESOP buyback worth up to ₹800 Cr.

Around 1,000 employees stand to benefit, cashing in on the fintech giant’s rising valuation. The move comes just as PhonePe readies to pre-file its IPO papers later this month.

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“Arthik Tangi Ki Maar”: Real Money Gaming Ban’s Effect, Zupee Axes 170 Jobs

The ban on real money gaming has hit Zupee hard, forcing the Delhi NCR-based startup to lay off 170 employees, about 30% of its team.

CEO Dilsher Singh Malhi called it a tough but necessary step to survive the new regulatory reality. To soften the blow, Zupee has announced support packages, health cover, and even a fund to help affected employees transition.

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1. D2C cookware brand Ember has raised $3.2 Mn in a seed round backed by HNIs, family offices, and angels. The round saw participation from Yoga Bar’s Suhasini Sampath and Salarpuria Group’s Apurva Salarpuria.
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2. Q-Comm SaaS startup Inamo has raised $3 Mn in a round led by Shastra VC with backing from Antler India, Gemba Capital and Scope Promoters. The funds will fuel its dark store management solutions and expand last-mile delivery fleets amid India’s booming quick commerce wave.
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3. Kolkata-based Snap-E Cabs has secured $2.5 Mn in a bridge round led by Inflection Point Ventures with support from ah! Ventures and angels. The EV startup will use the funds to boost product development, expand its fleet, and scale operations in Delhi NCR.
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4. Biotech startup BacAlt has raised ₹18 Cr in a round led by Avaana Capital with participation from Lubrizol InnoVentures. The funds will help scale R&D, set up production facilities, and grow its team to make biopolymers from agricultural waste.
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5. Battery circularity startup PeakAmp has secured ₹12 Cr in seed funding led by Caret Capital with backing from IIM Ahmedabad Ventures and others. The 2024-founded startup will use the funds to scale its reverse logistics, recycling network, and critical metal recovery processes.
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6. GVFL has invested ₹2 Cr in Biokraft Foods, a foodtech startup pioneering structured cultivated meat using biotech and 3D bioprinting. The 2023-founded company is building India’s first sustainable, slaughter-free meat products with plans to expand into seafood and pet food.
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7. TERN Group has raised $24 Mn in Series A funding led by Notion Capital to expand its global nurse mobility platform. The startup helps Indian healthcare professionals access overseas opportunities through AI-driven job matching, training, and transparent recruitment.
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8. Edtech firm Eruditus has secured up to $150 Mn in a refinancing deal led by Mars Growth Capital and HSBC. The funds will aid its global expansion and operations at a time when fresh edtech funding remains scarce.
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