Venture capital firm All In Capital is on track to complete 45-50 investments from its Fund 2 by the end of FY27, founder and partner Kushal Bhagia told Fe. The fund, which had its first close in September last year, expects a final close in the next two to three months. So far, around 15 startups have been backed from this fund.
While it remains bullish on artificial intelligence, Bhagia said that its interest lies in startups using AI to drive real productivity gains rather than chasing hype. “The real opportunity lies in companies using AI to make existing workflows dramatically more efficient, whether that means helping hospitals run smoother, recruiters screen candidates faster, or factories optimise production,” he said. “We are drawn to founders who treat AI as a tool to unlock productivity and scale, not just as a trend.”
Beyond AI, All In Capital sees deep potential in deeptech, defence, and hardware, areas where Bhagia said India now has the right mix of talent, policy backing, and strategic urgency. “We are seeing a new generation of founders choosing to solve hard technical problems rather than build the next convenience app. That shift is incredibly encouraging,” he noted.
The firm is also backing startups in vertical SaaS and B2B tooling, software tailored for industries such as logistics, retail, and manufacturing, that can scale sustainably with strong unit economics. Bhagia said India’s talent pool, digital infrastructure, and ambition are converging at the right time to create globally competitive businesses.
So far this fiscal year, All In Capital has made seven investments, some yet to be announced, across sectors. The firm typically invests between Rs 2 crore and Rs 4.5 crore in pre-seed rounds, providing early-stage founders enough capital to validate and grow. Smaller cheques go to consumer ventures, while larger ones are reserved for deeptech startups needing to de-risk technology before attracting follow-on funding.
Recent investments include Plazza, a quick commerce platform for medicines, and NPrep, an online test-prep and placement platform for nurses. Bhagia said these reflect the firm’s approach of backing ambitious founders building globally scalable products.
On the broader ecosystem, Bhagia pointed to limited domestic institutional capital as a challenge for early-stage funds. While institutions such as SIDBI support emerging fund managers, he believes a stronger domestic LP base would deepen India’s venture ecosystem.
