Updated: Mar 2026
By Sarita Raichura & Yashesswin YVRS | Blume Ventures | March 2026
We have been tracking, covering, and working with micro VCs since 2022, and we published our first piece on the rise of micro VCs in India in early 2024. Back then, the category was finding its footing - a number of micro VCs had emerged, typically backing first-time founders. We had a count of just over 100 micro VCs at the time, the majority established in 2022-23, with average fund sizes of $10-12M and average cheque sizes of $200-$300K. A lot has changed since :)
We have personally connected with and validated approximately 200 sub-$100M funds - ~150 under $40M and ~50 in the $40-100M range - this list is the result of that work. It is not exhaustive, but it can be trusted. Every fund here has been spoken to, co-invested alongside, or independently verified by the Blume team.
For the purposes of this list, we've kept it simple:
🌱 The -1 to 0 Layer - Antler and South Park Commons back founders before a product exists — filling the gap between "idea in your head" and "first institutional round". Antler is unique in that it plays both sides: a pre-formation community (Before Day Zero) and an active early-stage fund writing $500K–$1M cheques across 120+ India investments.
Pls note:
This list covers sub-$100M funds that back Indian startups - whether founded in India, or by Indian founders building from other parts of the world. Some global funds with a dedicated India allocation are included too. We have not included corporate funds, angel syndicates/networks, or family offices — with the exception of a small number of institutionalised family offices that operate with a dedicated investment team. All funds here write pre-seed to pre-Series A cheques. Funds above $100M - however early-stage, are not included on this list.
List published is alphabetical.