Venture CapitalBlume Ventures
StagesSeed, Pre-Series A, Series B
SectorsAI / ML, SaaS / Enterprise, Fintech · Early-stage builders, Founder-led / operator capital
Ticket$1M – $5M
Venture CapitalFounder's fund focused on early-stage Indian B2B SaaS; disciplined use-case-first investing in enterprise software built in India for global markets.
Key signals founders use to decide if this investor is worth a conversation.
Stages and sectors this investor typically backs.
Themes this investor is mapped to across the VC Dekho directory.
Founder's fund focused on early-stage Indian B2B SaaS; disciplined use-case-first investing in enterprise software built in India for global markets.
10 companies mapped to this fund.
Background and context for founders evaluating this investor.
Pentathlon Ventures is a Pune-based early-stage venture firm founded in 2020 that focuses exclusively on Indian B2B SaaS, run as a 'founder's fund' by a team of veteran operators including Gireendra Kasmalkar, Sandeep Chawda, Madhukar Bhatia, Hemant Joshi and Saurabh Lahoti — collectively bringing more than 150 years of entrepreneurial and investment experience. Its investment thesis centres on disciplined, use-case-first investing in enterprise software built in India for global markets, spanning enterprise digital transformation, ecommerce enablement, fintech, vertical SaaS, applied AI, sustainable tech, healthtech, cybersecurity and logistics. Fund I closed at roughly INR 76–80 crore ($9.5 million) and backed 23 startups, of which several have crossed $1 million ARR with 8x revenue growth. Fund II, launched in September 2023 with a target of INR 450 crore, reached a final close of INR 255 crore backed by family offices, HNIs and entrepreneurs across India and the US, and aims to back 16–25 companies. Ticket sizes run from about INR 75 lakh to INR 3 crore at pre-seed to Series A in Fund I, rising to roughly INR 4–8 crore in Fund II. Portfolio companies include OneStack, Vodex, ElevateHQ, AyushPay, Kenko Health, TurboHire, Riskcovry and ShopSe. Beyond capital, Pentathlon offers deep enterprise networks and operator mentorship.
Its investment thesis centres on disciplined, use-case-first investing in enterprise software built in India for global markets, spanning enterprise digital transformation, ecommerce enablement, fintech, vertical SaaS, applied AI, sustainable tech, healthtech, cybersecurity and logistics.
Pune-based, founded 2020 by Gireendra Kasmalkar, Sandeep Chawda, Madhukar Bhatia, Hemant Joshi, Saurabh Lahoti. Fund I ~INR 76–80 Cr (23 cos); Fund II final close INR 255 Cr. Portfolio: OneStack, Vodex, ElevateHQ, Kenko Health, TurboHire, ShopSe.
Data confidence: Verified (web sources, 2025–26)
Partners and principals mapped to this fund in the directory.
Other funds that overlap on stage, sector, or thesis.
Jump into stage, sector, and thesis mapped to this fund.