India Quotient

The VC Files: Spotlight on IndiaQuotient

IndiaQuotient is a pioneering early-stage venture capital firm known for supporting bold and disruptive startups in India.

Established in 2012 by Anand Lunia and Madhukar Sinha, this Mumbai-based firm has built a reputation for investing at the very beginning—often when an idea is merely a concept—making it one of the most founder-friendly funds in the ecosystem.

Investment Philosophy & Focus:

India Quotient focuses on pre-seed, seed, and Series A investments, typically being the first to fund startups. Their investment sizes range from $500K to $3M, with a strong emphasis on companies targeting Indian consumers and addressing uniquely Indian challenges. The firm is sector-agnostic, with investments covering:

Fintech

Consumer tech

SaaS

Social media

Edtech

D2C brands

Healthtech

Agri-tech

India Quotient is recognized for supporting first-time entrepreneurs and newcomers, believing that high-risk, high-reward innovation often emerges from those unencumbered by traditional thinking.

Portfolio & Impact:

With over 119 investments to date, India Quotient’s portfolio includes some of India’s leading startups:

ShareChat (social media unicorn)

SUGAR Cosmetics (D2C beauty brand)

Lendingkart (digital lending)

iimjobs.com (job portal)

Vyapar (business software)

PagarBook (staff management)

FabAlley (fashion)

Nearly 80% of their portfolio companies have secured follow-on funding from global investors, and the firm has experienced successful exits and even a unicorn among its investments.

Fund Performance & Strategy:

India Quotient’s initial fund delivered a 5.9x cash return to its limited partners—an impressive achievement in the Indian VC landscape. The firm is currently investing from its fourth fund, aiming for a corpus of $80 million, and plans to support 35–40 new startups with each cycle.

Their approach is hands-on yet adaptable: they provide founders with mentorship and resources but also know when to step back and let entrepreneurs take the lead.

Leadership:

Led by Anand Lunia, Madhukar Sinha, and Gagan Goyal, the India Quotient team brings extensive entrepreneurial and investment experience, ensuring both strategic guidance and empathy for founders’ journeys.

India Quotient stands out for its confidence in early-stage Indian innovation, its unconventional investments, and its steadfast support for founders. As India’s digital economy grows, India Quotient remains at the forefront—championing the next generation of category-defining startups.