Betting Big on Bharat's Next Unicorns: Inside 360 ONE Asset’s ₹500 Cr Early-Stage VC Push

What does it take to power the next generation of Indian unicorns? In a country brimming with ambition, innovation, and a hunger for scale, capital is only the beginning. What early-stage startups need today is not just funding, but a strong, strategic partner to guide them from spark to scale. That’s the bet 360 ONE Asset is placing with its latest move.

A ₹500 Cr Push for India’s Early-Stage Ecosystem

360 ONE Asset, the investment arm of 360 ONE WAM (formerly IIFL Wealth Management), has launched a ₹500 crore (approximately $60 million) early-stage venture capital fund. This fund aims to back promising startups right from their seed stage through to Series A, cutting across sectors like consumer tech, fintech infrastructure, generative AI, spacetech, precision manufacturing, and defence.

In a startup ecosystem where access to early capital is often a make-or-break factor, this announcement marks a significant development. The fund aims to bridge a critical gap in India’s venture capital spectrum—between the micro-VCs writing smaller cheques and the global giants focusing on late-stage plays.

Investment Strategy: Focused Capital with Deep Involvement

The newly launched fund plans to invest between ₹10 crore to ₹25 crore in each startup and is looking to build a portfolio of around 25 companies. But the capital alone isn't the differentiator here. What sets this vehicle apart is its promise of active involvement.

360 ONE Asset has made it clear that it will not be a passive investor. The fund will secure board seats in its portfolio companies and take an active role in shaping their strategic direction, governance structures, and long-term value creation.

This hands-on approach highlights the fund’s vision of being more than just an investor—it wants to be a long-term partner in growth.

The First Four Bets: From Gaming to Hot Sauce

Even before its public announcement, the fund had already backed four startups. According to sources, one of the investments is in FunStop, a hybrid-casual gaming company. The remaining three span a hot sauce brand, a SaaS company, and a spacetech venture.

This diverse selection reflects the sector-agnostic philosophy of the fund. It’s not chasing hype; it’s looking for scalable business models across emerging categories.

Led by Veteran Investors and Visionaries

The fund is being led by Abhishek Nag, Senior Fund Manager & Strategy Head for Early-Stage VC at 360 ONE Asset. He explains the intent clearly:

“With our early-stage strategy, we aim to bridge the white space between India’s robust micro-VC ecosystem and the large global funds,” he said. “We also offer active co-investment opportunities for strategic partners, all while staying focused on long-term macro trends like domestic consumption, healthcare, financial infrastructure, AI-led services, and deep tech.”

Supporting this vision is a stellar advisory board that includes some of the most respected names in the industry—Bluestone founder Gaurav Kushwaha, Publicis Sapient CEO Nigel Vaz, Better Capital founder Vaibhav Domkundwar, and Ashwin Mittal of C5i. This mix of startup operators and global leaders brings a strong blend of execution insight and strategic depth.

A Part of a Larger ₹25,000 Cr Platform

This fund is not a standalone initiative. It is part of 360 ONE Asset’s broader ₹25,000 crore ($3 billion) private equity and venture capital platform, which follows an “idea to IPO” approach.

The company is already familiar with startup investing. Last year, it launched a secondaries fund—Special Opportunities Fund-12—with a target size of ₹4,000 crore to invest in late-stage companies. Now, with the early-stage fund in place, it has covered the spectrum end-to-end.

360 ONE Asset has assets under management (AUM) of nearly $10 billion across alternates and public markets, with more than $3 billion dedicated to its venture capital and private equity platform. Its investment offerings span across asset classes through AIFs, PMS, and mutual funds, making it one of the most comprehensive capital providers in the country.

360 ONE’s Bigger Ambition: Market Leadership

This early-stage fund is just one piece of a larger ambition. 360 ONE WAM has been aggressively expanding its footprint through strategic acquisitions and inorganic growth.

Earlier this year, it acquired the Indian onshore wealth business of Swiss giant UBS for ₹307 crore. This followed its acquisition of brokerage firm B&K Securities and its mutual fund distribution arm for ₹1,884 crore. Last year, it made headlines by acquiring ET Money from Times Internet for ₹366 crore, further bolstering its fintech and digital distribution capabilities.

These moves are all part of a calculated strategy to dominate the wealth management and investment landscape in India.

Backed by Bain Capital and Fuelled by Scale

Headquartered in Mumbai, 360 ONE Asset is backed by global private equity major Bain Capital. It has a robust team of over 1,200 employees, operating across 27 Indian cities and five global financial hubs. The firm advises more than 7,500 high-net-worth and ultra-HNI families, with total assets exceeding ₹5.8 trillion.

In the startup ecosystem, 360 ONE has built a strong track record, with 101 portfolio companies including 30 unicorns like Swiggy, Anarock, and FirstCry. Its participation in these ventures hasn’t just been financial—it’s been strategic.

As India enters a new era of innovation-led growth, initiatives like this fund could prove instrumental in shaping the future of entrepreneurship in the country. It’s not just about who gets funded—it’s about who gets the right kind of support to scale.

In a crowded and noisy VC landscape, 360 ONE Asset’s new fund is a signal of intent. It wants to be the partner startups remember not just for writing the first cheque—but for staying on the journey all the way through.

Because in India’s next wave of startup success stories, early belief often makes all the difference.