I mapped every major Indian VC's current thesis. Here's what they're ACTUALLY looking for vs what they say publicly

What VCs say publicly and what they fund are sometimes different things. I tracked recent deals to find the gaps.

Peak XV: Says "stage-agnostic." Actually writes more early-stage cheques than growth now, Series A and Seed are their bread and butter. Currently loves: fintech infrastructure, AI, and consumer tech. Their new $1.3B fund doubles down on all three.

Accel: Says "Enterprise AI." Currently funding two very specific things: (1) companies automating India's IT services layer ("Services-as-Software"), (2) consumer brands with offline + digital distribution. Their Google-Accel AI cohort rejected nearly 70% of applicants for being AI wrappers without proprietary data moats. That tells you everything about their filter.

Blume Ventures: Says "early-stage anything." Actually thesis-driven on deeptech and climate in the last 12 months, Fund V is already deploying into deeptech alongside healthtech and fintech. If you're a D2C beauty brand, Blume is probably not your first call anymore.

3one4 Capital: The most data-driven firm in India. They're UN PRI signatories and prioritise ESG and governance earlier than most Indian VCs. They will look at your cap table, IP assignments, and compliance posture before seriously engaging.

India Quotient: The contrarian seed firm. They backed ShareChat and Sugar Cosmetics when nobody believed in vernacular social or Indian D2C. If your idea sounds too niche for a foreign investor, India Quotient might be exactly right for it.

Together Fund: Operator-led by Freshworks and Eka Software founders. Building an "AI-first portfolio." If you can talk product and GTM fluently, not just raise money, this is your firm.

I am building the case studies & Database on Indian VC's with their list of backed companies, happy to share if someone needs it...