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Dhruv Dhanraj Bahl, Founder and Managing Partner of Sadev Ventures (formerly known as Eternal Capital), is no stranger to the evolving landscape of Indian startups. With a sharp eye for opportunity and a deep belief in founder-first investing, Bahl’s approach is guided by three pillars: thesis, co-investment, and what he calls “dhandha”—a practical, grounded view of business.
“At Sadev Ventures, we don’t just write cheques,” Bahl said. “We bring together financial, social, and intellectual capital. The true alpha comes when these forces align.” This philosophy is reflected in their strategy, which is proudly sector-agnostic. For Bahl, diversification is key to mitigating risks and capturing the full potential of India’s dynamic economy.
The firm typically invests at the seed to Series A stages, often placing early bets on repeat founders. “This is where our operator mindset really matters,” he explained. “Early-stage startups benefit most from hands-on support, not just capital.”
Bahl believes there’s more than meets the eye when evaluating startups from India’s tier II and tier III cities. “Startups in smaller cities bring deep local insight, resilience, and cost-effective innovation,” he said. “If they tailor their offerings and adapt well to challenges, they can unlock vast untapped markets with capital-efficient models.”
While sectors like EV, fast fashion, and lab-grown diamonds may be riding the hype wave, Bahl is more focused on sustainable growth. He sees promise in fintech, particularly in lending and insurance, and in manufacturing SaaS, F&B, and content platforms.
Among his portfolio, Bahl mentions companies like Asaya, Cleevo, Hypergro, and Bidso with pride. “These are brands that go beyond trends. They solve real problems and create lasting value,” he shared. In one case, they helped a startup design a new revenue stream and even took an interim role in its operations.
“India’s regulatory and capital environment forces discipline,” Bahl noted. “We back teams who can navigate complexity and still build capital-efficient models.”
Looking ahead, Bahl sees India’s venture capital shifting towards deeptech, climate tech, and AI. “These aren’t just buzzwords anymore; they’re essential tools to solve India’s most urgent challenges,” he highlighted. “Over the next five years, we are closely monitoring sectors such as sustainability, climate and carbon mapping, along with F&B, wealth, insurance, consumer electronics, and manufacturing.
With a current portfolio of 75 startups and 8 successful exits, Sadev Ventures is quietly reshaping the investment narrative—one high-impact founder at a time.
Facts:
- Fund Size: Fund I – INR 240 Cr (~USD 30 Mn)
- Current portfolio: 75
- Exits: 8
Read More: Dhandha-Driven Investment Strategist | Entrepreneur
