Dharana Capital is a Bengaluru‑based venture growth firm focused on backing high‑growth Indian companies in technology and consumer sectors. Founded in 2022 as an offshoot of global investor Vy Capital, the firm takes a long‑term approach to partnering with founders aiming to build category‑leading businesses in India.
Dharana Capital closed its second India‑focused growth fund at $250 million in early January 2026. This latest vehicle brings the firm’s total assets under management to approximately $450 million and will be deployed into next‑generation tech and consumer businesses across India. The fund is backed by a mix of global limited partners including US university endowments, health systems, and non‑profit institutions, underscoring strong investor confidence in India’s startup ecosystem. Dharana plans to back a small number of category‑defining businesses, working closely with founders to strengthen governance, unit economics and prepare them for future public listings. The strategy reflects a long‑term partnership ethos, with cheque sizes tailored to company needs and a focus on durable, standalone business models.
Leadership
The firm is led by Founder and Managing Partner Vamsi Duvvuri, who brings deep expertise in growth investing and a vision for backing “missionary founders” building large, listed businesses. Dharana’s team operates from Bengaluru with a presence in Dubai, connecting founders to global capital and governance best practices.
Investment Strategy
Dharana Capital takes a growth‑stage, founder‑centric approach. The firm partners early with teams that have proven product‑market fit and are ready to scale rapidly. Dharana emphasizes deep engagement post‑investment to improve governance frameworks, optimize unit economics and position companies for public market success over the long term.
Notable Investments
Dharana’s portfolio spans high‑growth Indian companies including:
It has also participated in deals with food tech and enterprise software players that reflect its diversified thesis across consumer and tech sectors.
Notable Exits
Several companies associated with Dharana’s network have gone public, including Zomato and Urban Company, showcasing the potential trajectory for the firm’s portfolio businesses.
Other
Dharana’s emphasis on long‑term value creation and public market readiness sets it apart in India’s venture ecosystem. Founders working with Dharana benefit from rigorous governance support and strategic counsel aimed at scaling businesses responsibly while positioning them for future listing opportunities.
India
