Pune-based Pentathlon Ventures has made the final close of its second fund at Rs 255 crore (around $27 million), as the early-stage investor sharpens its focus on backing B2B technology startups building for global markets.
The fund, which is around 3.5 times larger than its predecessor and includes a US feeder fund, will invest in about 16 to 20 seed-stage startups.
The firm will continue to focus on early-stage B2B technology investments, while expanding into newer areas such as enterprise AI, deep tech, and hardware-led innovation.
It was previously targeting Rs 450 crore for the vehicle, which included the green-shoe option.
Founded in 2020, Pentathlon Ventures positions itself as an operator-led fund. Its portfolio includes fintech firm ShopSe and Riskcovry, healthtech startup DeepTek, HR tech platform TurboHire, and SaaS players Spyne, Dista and SaleAssist.
The second fund will retain the firm’s “use-case-first” investment philosophy, while widening its sectoral focus to enterprise AI transformation, fintech, healthtech, cybersecurity, logistics and manufacturing.
A key shift in the new fund is its intent to lead or co-lead seed rounds, allowing deeper engagement with founders from an early stage. The firm has also strengthened its global strategy through a US feeder fund and the addition of a US-based partner, aiming to support portfolio companies in expanding to international markets, particularly the US and the Middle East.
“We’re seeing strong founders emerge across enterprise AI, fintech, healthtech, and industrial technology, building solutions rooted in deep operational understanding. Many of these companies are inherently global in ambition, and our role is to support them beyond capital, particularly in refining enterprise go-to-market and scaling up into markets like the US and the Middle East, with the help of our expanded investor base in these regions,” said Ashok Mayya, managing partner, Pentathlon Ventures.
The fund has already deployed capital in eight companies, building roughly half of its target portfolio. According to the firm, early investments have shown traction across enterprise use cases.
“The early progress across the portfolio, including multiple companies achieving 3x-plus growth since investment, reinforces our belief in our investment approach. We remain focused on disciplined use-case first investing and backing exceptional founders in their niches to deliver strong, long-term returns for our LPs in this fast-changing world of AI,” said Gireendra Kasmalkar, managing partner, Pentathlon Ventures.
Pentathlon Ventures plans to deploy the remaining capital over the next two years, focusing on building a concentrated portfolio.
