Former Banker Dhruv Jhunjhunwala Launches Novastar Partners with INR 350 Cr Fund Target The firm will focus on sectors including software, IT services, healthtech, fintech, edtech, artificial intelligence, and deeptech.
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Former investment banker Dhruv Jhunjhunwala has launched Novastar Partners, an investment firm that will focus on India's private market opportunities.
While the company has not shared official details about its first fund, a person familiar with the matter said Novastar is aiming to raise INR 350 crore, with an additional green shoe option of INR 150 crore.
Jhunjhunwala, an alumnus of New York University's Stern School of Business, earlier worked with RBC Capital Markets in New York. Over his career, he has evaluated more than 100 private equity and technology-led investments across sectors such as e-commerce, software-as-a-service, gaming, education, and consumer technology. His past investments include Capillary Technologies, R for Rabbit, AdmitKard, and Kratos Studios.
Novastar Partners plans to provide investors access to India's private market ecosystem by collaborating with investment managers and identifying curated private opportunities. The firm seeks to act as a single-entry platform for global investors who wish to engage with India's expanding economy.
"Our goal is to allocate capital into highly scalable, capital-efficient companies with a strong moat," Jhunjhunwala said.
The firm will focus on sectors including software, IT services, healthtech, fintech, edtech, artificial intelligence, and deeptech.
The leadership team also includes Gaurav Sharma, a Duke University graduate who previously worked with Bridgewater Associates and Japan-based APL.
"India is entering its golden age, driven by macroeconomic growth, domestic consumption and digital adoption," Sharma said. "This is a pivotal time for private markets."
Novastar expects to announce its first fund partnerships in early 2026.
