Multi-family office and wealth management group Daksham Capital has launched its maiden consumer-focused fund, Daksham Growth Ventures (DGV) Fund I, with a target corpus of ₹150 Cr and a ₹150 Cr greenshoe option.
The fund has secured around ₹125 Cr in its first close, following its registration as a SEBI Category II AIF last month.
Family offices, high-net-worth individuals (HNIs), ultra-high-net-worth individuals (UHNIs), and entrepreneurs participated in the first close. The fund will continue raising capital towards its target, including the greenshoe option.
Led by cofounder and managing partner Shivam Diwan, DGV plans to invest in 10-15 startups, with cheques ranging from ₹5 Cr to ₹20 Cr. It will primarily back Pre-Series A and Series A startups, while considering select later-stage investments.
Its investment mandate spans D2C brands, consumer enablers, B2B2C platforms, supply-chain businesses, and startups using AI in consumer services.
DGV will focus on businesses with established product-market fit rather than those still testing demand, Diwan told Inc42.
“We will only come where the product-market-fit risk is established,” he said.
The fund will typically evaluate startups with annual recurring revenue (ARR) of ₹25-75 Cr, assessing their unit economics, addressable market, founders’ execution capabilities, and differentiation. It is targeting businesses with the potential to scale annual revenue to ₹300-500 Cr.
Startups need not be profitable when DGV invests, but the fund expects them to have positive or neutral contribution margins, even if they remain loss-making at the EBITDA level.
“Growth by burning an enormous amount of money is not the mantra.
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