Home Venture Capital Dhruv Dhanraj Bahl Led Eternal Capital Launches Rs 120 Crore VC fund

Dhruv Dhanraj Bahl Led Eternal Capital Launches Rs 120 Crore VC fund


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

Eternal Capital received SEBI’s approval for a Category-I AIF in November 2023 and has received commitments from marquee operators and entrepreneurs such as Suhail Sameer (ex-CEO, BharatPe), Deep Kalra (founder, MakeMyTrip), Tarun Mathur (co-founder, PolicyBazaar), Vikas Gupta (CEO, VLCC), Adarsh Menon (President, ZoomCar), Nalin Negi (CEO, BharatPe), Sameer Chugh (founder, Mosambee), and Saurabh Vashishtha. Sector-agnostic in nature, the fund aims to build a diversified portfolio of “solutions for the future” and plans to invest in 40 start-ups in their seed to pre-series A stages over the next 3 years. 

Eternal Capital was founded by seasoned operator Dhruv Dhanraj 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. 

The fund prioritises investments in start-ups led by seasoned operators that are at the 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 their 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.” 

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