Gruhas co-founders Nikhil Kamath and Abhijeet Pai say their venture capital firm backs visionary leaders and supports them on their entrepreneurial journey. Since its launch in 2021, Gruhas has invested in 50 companies, including Rare Rabbit, Licious, and 1% Club. It plans to invest in 20 startups in 2025, with a sharpened focus on AI, energy, and content-commerce platforms, says Pai.
Edited excerpts:
How do you identify and prioritise opportunities across sectors?
We look at gaps in the ecosystem — where India is vulnerable or underserved. One is scalability in sectors critical to India’s long-term growth. The second is defensibility — how do we build resilience against rapidly evolving technologies, especially as a services-heavy economy? That’s where we look to disrupt, and empower strong leaders through their journey.
What is your current ‘assets under management’ metric?
Gruhas currently runs two funds. The Gruhas Collective Consumer Fund (GCCF) was launched last year with a corpus of ₹150 crore. The Earth Fund, a ₹200-crore SEBI-registered category-II AIF (alternative investment fund), was launched in partnership with Brigade Group. It also has a ₹100-crore green-shoe option and invests in prop-tech and sustainability startups, offering capital, strategic mentorship, and industry integration.
Which are your core focus areas?
Our sharpest focus is on AI and energy transition. Energy, especially, is urgent for a country like India — and policy support is growing. Whether it’s hydrogen, EVs (electric vehicles), or component supply chains, we’re not just investing in end-products. We’re building ecosystems — supporting platforms, sub-components, and tech that give India a long-term edge globally.
Do you take board seats?
We’re a founder-first firm. Depending on the fund and the equity we hold, we may take a board or observer seat. But our involvement is always need-based, not one-size-fits-all. Some founders want strategic input daily, others less so. We support however best we can, beyond just writing cheques.
You’ve invested in content-commerce platforms like LehLah, House of X, and Itihasa. What’s the thesis there?
India’s buying behaviour is unique and not comparable to the West. With a clearly defined target group of around 20 million active consumers in dense regions, we’re backing creators who’ve already built loyal followings and can monetise through commerce, education, or productisation.
LehLah, for example, is a platform play built on content. House of X is more product-led. 1% Club is creating financial education content. We see this as the evolution of distribution and community into commerce and products.
Have the recent geopolitical shifts impacted your outlook on AI and clean-tech investments?
We’re cautiously optimistic. The global landscape is shifting rapidly — especially with China’s aggressive AI and manufacturing policies. But India stands to benefit from new US-China tariff barriers. India can step in as a strategic partner to the US.
We’re especially bullish on manufacturing, healthcare, and aged-care — areas where India can lead globally. We may need to upskill talent, but our human capital is a strong asset.