Veloce Fintech on Thursday launched its second Alternative Investment Fund (AIF) with a target corpus of nearly $34 million. In another development, former investment banker and investor Dhruv Jhunjhunwala has launched Novastar Partners.
Veloce Fintech floats $34m second fund
Veloce Fintech, a subsidiary of the Lemon Group, on Thursday launched its second Sebi-registered, category-II alternative investment fund (AIF) with a target corpus of nearly $34 million (Rs 300 crore), including a green shoe option.
The fund has already attracted commitments exceeding Rs 100 crore from family offices, ultra-high-net-worth individuals (UHNIs), and business groups, with the first close at Rs 90 crore occurring just days after the launch, the firm said in a statement.
This new fund comes close on the heels of the full deployment of Veloce’s inaugural fund, which provided structured credit and venture debt support to growth-stage MSMEs and startups across various sectors.
The second fund will maintain a credit-led approach, focusing on companies with established revenue models, governance discipline, and expansion plans, the statement added. The new fund will write cheques ranging from Rs 3 crore to Rs 15 crore, supporting working capital, capital expenditure, and pre-IPO financing.
The fund will focus on sectors such as technology-enabled services, manufacturing, healthcare, supply chain, consumer-focused industries, and real estate-linked businesses. Over the next two years, it aims to invest in 20–25 companies.
Dhruv Jhunjhunwala launches Novastar Partners
Former investment banker and investor Dhruv Jhunjhunwala, who previously worked with RBC Capital Markets in New York, has launched Novastar Partners, an investment firm focused on India’s private markets.
While the firm has not disclosed details about its maiden fund, it plans to announce its initial fund partnerships in early 2026.
Novastar Partners aims to provide investors with diversified exposure to India’s private market ecosystem. The firm does this through carefully selected partnerships with leading investment managers and private opportunities.
“Our approach leverages deep relationships with fund managers, investors, and founders across the ecosystem. We provide curated exposure to India’s top private market opportunities through rigorous diligence, meaningful GP commitment, and an investor-first structure—aiming to build a world-class platform,” said Jhunjhunwala, Founder and Managing Partner of Novastar Partners.
The firm’s leadership team includes Gaurav Sharma, a Duke University alumnus who previously worked with Bridgewater Associates and APL, a Japan-based private investment firm.
