Mumbai-based early growth investment firm Atomic Capital has closed its maiden fund at over Rs 400 crore ($45.6 million) to back early growth-stage consumer, consumer-tech, and consumer-enabler startups in India.
The fund will invest Rs 10-30 crore in 10-12 companies, with a portion reserved for follow-ons.
Atomic Capital reached its first close at Rs 155 crore in 2024 and has since deployed about Rs 50 crore across four startups — beauty and personal care brand ConsciousChemist, dairy and foods player Doodhvale Farms, beverage brand Rio Beverages, and women’s western apparel label Anny. It is evaluating over 20 companies and has issued a term sheet for its fifth investment.
Focus sectors include food & beverages, nutraceuticals, personal care, jewellery, apparel, pet care, travel, electronics accessories, home furnishing, logistics, financial services, e-commerce SaaS, omnichannel infrastructure, and manufacturing.
“We are not just investors—we are partners for the long haul,” said Apoorv Gautam, founder and Managing Partner. “Our commitment goes beyond capital; we bring hands-on support, strategic know-how, and a belief in sustainable, capital-efficient growth.”
Founded in 2024, Atomic Capital follows an “operating VC” approach, working closely with portfolio companies on hiring, partnerships, go-to-market initiatives, and financial structuring.
Atomic Capital’s fund close comes as many as 15 first-time funds in the country have raised a whopping $1.12 billion so far in 2025, surpassing the total $906 million secured across 23 new funds throughout 2024, per data from Venture Intelligence.
This year’s tally so far is already the second-highest ever for debut fundraises in India for the January-August period, trailing only 2022, a year when fundraising had rebounded sharply after the COVID-induced slowdown.
While experts say the milestone highlights continued confidence from limited partners (LPs) in India as a long-term investment destination, the broader picture is, however, more nuanced, suggesting that headline figures may not fully capture the underlying dynamics.
A significant portion of the capital raised by first-time funds is concentrated among a few players, indicating strong conviction from LPs in select emerging managers rather than a broad-based spread across the category.
