All In Capital announces first close of Rs 200 crore second fund to back pre-seed startups

All In Capital announces first close of Rs 200 crore second fund to back pre-seed startups

All In Capital, a pre-seed venture capital firm founded by former UpGrad executive Kushal Bhagia, has announced the first close of its second venture capital fund with a target corpus of Rs 200 crore. The fund also includes a greenshoe option of another Rs 100 crore, bringing its total capacity to Rs 300 crore.

For Fund II, the firm has already marked the first close at Rs 85 crore, and expects to close the fund in the second half of the year.

All In Capital launched its first fund in 2022 with a total corpus of $11 million (around Rs 95 crore), backing as many as 51 startups. The fund is almost fully deployed with some capital remaining for follow-on investments.

"Through the second fund, we have a target of investing in around 50 companies over the next three years, roughly 15 a year. We have already committed to investing in eight companies, and invested in six. Our cheque sizes range between Rs 2 crore to Rs 5 crore," Bhagia, who is All In's founding partner, told Moneycontrol.

With Fund II, the firm will continue its sector-agnostic strategy, however, with a special focus on segments like consumer tech, deeptech, fintech, and consumer brands.

It has already invested in companies like Taakat (a mass-market FMCG brand), MedMitra (an AI co-pilot for doctors), Spill Games (a mobile gaming studio), Krrvy (a shapewear and lingerie brand for modern Indian women), and Mixar (an AI startup for 3D modeling and animation), via its second fund.

"The pre-seed stage is where the real risk—and real opportunity—exists, and we’re here to back visionary founders with deep conviction, offering not just capital but hands-on support, mentorship, and a network that accelerates their journey," said Aditya Singh, co-founder, All In Capital.

The company’s portfolio includies startuls like PierSight Space, NewMe, Magma, Vaaree, and MeetRecord.

This comes at a time when India-focused venture capital firms have kickstarted their fundraising efforts again after a year-long pause.

After VC fundraising in 2024 hit a five-year low, several global as well as domestic investment firms, including Accel, Bessemer, among others, have announced large funds this year, spurred on by India’s strong startup IPO pipeline and a recovering funding landscape.

With an increasing number of mature startups emerging at series A and series B stages, VC fund sizes have also started to increase, along with the cheque sizes cut by these investors, Moneycontrol reported earlier.

However, as per Bhagia, this has created a gap at earlier seed and pre-seed stages that is being filled by firms like All In Capital.

"(As fund sizes have grown bigger) there is much less competition for us. We can win deals much easier at this stage since there is not much competitive intensity," he said.

Regardless, industry watchers expect seed funding among startups is expected to pick back up this year, after witnessing a decline in 2024.