Crafting the Future with Operator-Led Venture Capital: Dhruv Dhanraj Bahl Since 2019–20, Dhruv has spearheaded 60 investments across various sectors, including notable companies like Stupa Sports Analytics, Basic Home Loan, ApniBus, Volt Money, DrinkPrime, AdmitKard, GenWise, Vama, and Fleek.
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Dhruv Dhanraj Bahl's journey as an investor has been nothing short of transformative, evolving from a hands-on operator to an influential figure in the venture capital landscape. Starting in the trenches as an operator for over a decade, Dhruv's foray into investing began in 2015 as a limited partner (LP) in various funds.
"This exposure was a masterclass beyond compare in both picking bets and growing companies, albeit at an arm's length," says Dhanraj, Founder and Managing Partner at Eternal Capital.
By late 2019, his advisory role with operators and fund managers had solidified, blending his vocation with his passion as an operator-VC.
According to Dhanraj, Eternal Capital, their fund, is designed to be a fund 'by operators, for operators' and with a mission to empower and enable entrepreneurs to build world-class products for and from Bharat.
Founded in 2023, the fund claims to operate on three clear principles: thesis, co-invest, and 'dhandha'.
"We co-invest with top-tier and emerging funds that are betting on sustainable and scalable businesses delivering the 'solution of the future'. With deep connections and strategic ties with several key players in the industry, we have access to an unparalleled high-quality and diverse deal flow," says Dhanraj.
He highlights that at Eternal, They believe capital has three forms: financial, social, and intellectual, and a sustainable alpha can only be generated when these converge. "Our biggest differentiator is the 'colour of our money' wherein the social and intellectual capital of our diverse LP base comes together as a collective to coach, advise, and guide founders as they build truly remarkable enterprises," he adds.
Since 2019–20, Dhruv has spearheaded 60 investments across various sectors, including notable companies like Stupa Sports Analytics, Basic Home Loan, ApniBus, Volt Money, DrinkPrime, AdmitKard, GenWise, Vama, and Fleek.
"We have a clear political outlook; FY25 should see greater investments in two key areas: early-stage innovation and late-stage growth. Key IPOs, especially those of new-age companies, must happen over the next 6–18 months to compound both trust and capital," adds Dhruv.
According to him, the value unlocked will serve as a great catalyst for driving innovation and transformation, as a large portion of this value unlocked circles back into the start-up ecosystem.
Additionally, Dhruv believes two key factors will unlock incremental value in India. First, the planned privatisation drive of public assets as the government limits its role to governance and not enterprise.
"This will help create greater opportunities across the value chain," he adds. Second is the emergence of operator-led VC firms, where there will be a sharper selection of assets at an early stage and faster upcycling as there is a more targeted and practical plan to grow and blitz-scaling innovative ideas.
Multiple success examples highlight Dhruv's hands-on approach to guiding entrepreneurs through obstacles.
"For instance, one of our fast-growing portfolio companies had a strong revenue ramp, but given that their collections happened over several quarters, their cash flows were severely impacted. I helped them execute a multi-party program that involved several banks and NBFCs, resulting in them having access to growth capital without having to raise another round," Dhruv shares.
Another instance saw Dhruv helping a fintech company transition a co-founder and hire new leaders post-Series B, unlocking substantial business opportunities.
Fintech, consumer-tech/D2C, sports and gaming, clean energy, and SaaS/AI are some of the Delhi-based firms investment areas.
Facts:
- Average Ticket Size: INR 2-3 Cr
- Assets Under Management: Fund 1 is INR 240 Cr (~USD 30 Mn; INR 120 Cr with the INR 120 Cr green shoe option).
