How The VC Fund’s Thesis Has Evolved

Fifteen years ago, IvyCap founder Vikram Gupta and his team set up a venture capital firm in Mumbai, but the pitch he had in mind or the funding landscape before him was anything but simple. The startup ecosystem was nascent and primarily supported by angel investors.

Only a handful of private equity/venture capital players were active in that space. Not too many big cheques were written then; exits were rare, and young ventures needed guidance and connections from investors and mentors to script their success stories.

A chemical engineer…