Fundamentum Fund II Posts 35% IRR, Eyes Bigger Bet on AI-DeepTech The firm's Fund II has made nine investments so far, in tech-led firms across consumer internet, Bharat, fintech, B2B commerce, enterprise tech, and emerging sectors in India. According to Fundamentum, the portfolio has delivered nearly 80 per cent revenue growth over the last year.
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Fundamentum recently announced that its Fund II, launched in 2022, is tracking a 35 percent IRR as of June 2025, placing it among the top-performing growth-stage funds in India.
The firm's Fund II has made nine investments so far, in tech-led firms across consumer internet, Bharat, fintech, B2B commerce, enterprise tech, and emerging sectors in India. According to Fundamentum, the portfolio has delivered nearly 80 per cent revenue growth over the last year.
The fund's investments include - Kuku, the vernacular storytelling platform that has 10 million paid subscribers; AppsForBharat: a devotional platform with over 40 million downloads; Stable Money: a fixed-income investment platform; and FlexiLoans: an ecosystem-embedded finance supporting MSMEs. The portfolio also consists of Apna Mart in omni-channel grocery, Wishlink in content commerce, ProcMart and Geniemode in B2B commerce, and TransBnk in banking infrastructure.
Nandan Nilekani, co-founder and general partner, Fundamentum, said that the Indian ecosystem is at an inflection point, witnessing both the rapid scaling of growth-stage companies and the emergence of globally competitive AI and DeepTech ventures.
"Each of these frontiers demands dedicated expertise, conviction, and long-term commitment. Sanjeev has a legacy of scaling category-defining businesses and working closely with founders at the growth stage, which will be critical as we double down on our growth-stage investments. Ashish has developed strong expertise in AI and DeepTech, identifying the kinds of ventures that can scale in India and in global markets," said Nilekani.
Fundamentum said in a press release that it will continue making new investments from Fund II while actively supporting the existing portfolio as companies advance to their next stage of growth. It also aims to scale-up sector-agnostic investing led by Sanjeev Aggarwal, Co-Founder and General Partner of the firm.
Aggarwal said that Fund II's performance validates the potential of growth-stage opportunities in India.
"Tech startups today are achieving scale much faster than their predecessors, driven by rapid consumer adoption and the strength of India's digital rails. This makes sound fundamentals exceptionally crucial in their scale-up journey, particularly as the IPO market has become increasingly conducive for startup listings. We see immense opportunity not just to provide growth capital, but also to help founders in their scale-up journey as they build enduring organizations," said Aggarwal.
The firm will also show increased involvement in the AI and deeptech space, which will be led by its co-founder and general Partner, Ashish Kumar.
Kumar said, "Over the past few years, we have been closely tracking the AI and DeepTech landscape and their role in building scale and defensibility in businesses, and have built the expertise needed to spot and back the right opportunities. India has the right combination of talent, ambition, policy, and capital, and we believe this is the ideal moment to dedicate institutional focus to a sector growing at an unprecedented pace."
