Fund I · India · Pre-seed & Seed
$5M. Operator-led.
Concentrated by design.
Vintage 2026 · India only
What follows is the deployment model for Pratyaya Capital Fund I — fund size, allocation across the four pillars, cheque sizes per stage, target portfolio construction, reserve strategy, and the lifecycle from first close to wind-down. Numbers are working targets; the discipline is fixed.
At a glance
$5M
Fund size
Single close · Cat I AIF (planned)
2026
Vintage
First close H2 2026
15–20
Target investments
Concentrated by design
$50K – $500K
Cheque size
Initial · Pre-seed and seed
01 — Capital allocation
Where the money goes.
Target allocation across the four pillars. We weight agentic AI and AI-native consumer heaviest because those are the categories where the partners have the most operator depth. Healthcare gets the smaller share — it is a category we respect but invest into selectively, not as a default.
- 35%
Agentic AI
Vertical agents, voice, evals + tooling. Highest-conviction weighting.
- 30%
AI-native consumer & commerce
Brands and commerce surfaces rebuilt AI-first from launch.
- 20%
Platforms beyond software
Indic-language voice, ambient AI, hardware with a model inside.
- 15%
AI in healthcare
Diagnostics, workflow, AI-mediated care delivery.
02 — Cheque size
What we write, and when.
Cheque sizes by round. India seed in 2024 averaged $1M (Tracxn); we deliberately sit at the $50K–$500K floor where operator-led capital matters most. Follow-ons come from the reserve pool and travel pro-rata into the Series A.
Pre-seed · initial
First institutional money in
$50K · $250K
Seed · initial
Often co-leading with one peer fund
$250K · $500K
Follow-on · pro-rata to A
From the reserve pool, conviction-led
$100K · $400K
USD per round
03 — Portfolio construction
17 cheques, by sector and stage.
Target distribution of Fund I cheques across the four pillars and the two stages we invest at. Concentrated enough that every founder gets a partner’s real attention — broad enough to be a portfolio, not a bet.
| Sector \ Stage | Pre-seed | Seed | Total |
|---|---|---|---|
| Agentic AI | 4 | 2 | 6 |
| AI-native consumer & commerce | 3 | 2 | 5 |
| Platforms beyond software | 2 | 1 | 3 |
| AI in healthcare | 1 | 2 | 3 |
| Total | 10 | 7 | 17 |
04 — Reserve strategy
$5M, split three ways.
About 60% of the fund is deployed in initial cheques. The remaining 34% is reserved to follow on into the strongest half of the book at the Series A. Six percent covers fund operations across the eight-year life.
60% · $3M
Initial cheques
~17 founders at $250K average across pre-seed and seed.
34% · $1.7M
Follow-on reserves
Pro-rata to Series A in the highest-conviction half of the book.
6% · $300K
Fund ops + reserves
Setup, accounting, audit, AIF compliance, partner travel.
05 — Lifecycle
Eight years, from first close to wind-down.
Three phases. All initial cheques inside the first 30 months; follow-ons through year six; harvest and wind-down by year eight, with standard one-year extensions available if portfolio liquidity demands it.
2026 → 2029 · 3 years
Investment period
All initial cheques deployed inside 24–30 months from first close. No new investments after Year 3.
2029 → 2032 · 3 years
Hold + follow-on
Reserves released to the highest-conviction companies as they raise their A and B. Active board roles.
2032 → 2034 · 2 years
Harvest + wind-down
Distributions to LPs as exits land. Standard two one-year extensions available if needed.
06 — Exit context
The exits are real, and they’re now in India.
We’re deploying into a market where the exit door has just been widened. Indian public markets absorbed more IPO capital than NASDAQ in 2024 — and Indian companies are reshoring to list at home. Fund I’s harvest period (2032–2034) maps directly to this expanding exit window.
2024 · India led the world
India raised more equity via IPO in 2024 than NASDAQ. By a $3 billion margin.
268 NSE listings, ₹1,590 Bn ($19.5B) raised — both record highs. Indian public markets are now meaningfully cheaper and faster to access than they were five years ago, and they will absorb venture-backed exits at a pace they couldn’t before.
NSE (India)
268 listings
$19.5B
NSE (India)
268 listings
$19.5B
NASDAQ (US)
$16.5B
NASDAQ (US)
$16.5B
NYSE (US)
$15.9B
NYSE (US)
$15.9B
HKEX (Hong Kong)
$10.8B
HKEX (Hong Kong)
$10.8B
SSE (Shanghai)
$8.8B
SSE (Shanghai)
$8.8B
Total capital raised via IPOs at major global exchanges in 2024, USD billion · Source: NSE Market Pulse
On the numbers
- Allocation percentages are working targets. They will flex in either direction depending on what comes through the door — we are willing to over-index on a pillar if the founders are there.
- Portfolio construction assumes ~17 investments. The actual count will land somewhere in the 15–20 band depending on average cheque size and follow-on cadence.
- Lifecycle dates assume a first close in H2 2026. They shift one quarter for every quarter the close shifts.
Two doors
Founders: pitch us. LPs: request portal access.
Founder response within 2 business days. LP portal access is gated to accredited investors and qualifying LPs under SEBI AIF norms.