Daksham Capital Launches ₹300 Cr Consumer Fund, Marks First Close At ₹125 Cr

Multi-family office and wealth management group Daksham Capital has launched its maiden consumer-focused fund, Daksham Growth Ventures (DGV) Fund I, with a target corpus of ₹150 Cr and a ₹150 Cr greenshoe option. 

The fund has secured around ₹125 Cr in its first close, following its registration as a SEBI Category II AIF last month.

Family offices, high-net-worth individuals (HNIs), ultra-high-net-worth individuals (UHNIs), and entrepreneurs participated in the first close. The fund will continue raising capital towards its target, including the greenshoe option.

Led by cofounder and managing partner Shivam Diwan, DGV plans to invest in 10-15 startups, with cheques ranging from ₹5 Cr to ₹20 Cr. It will primarily back Pre-Series A and Series A startups, while considering select later-stage investments.

Its investment mandate spans D2C brands, consumer enablers, B2B2C platforms, supply-chain businesses, and startups using AI in consumer services.

Betting On Capital Efficiency

DGV will focus on businesses with established product-market fit rather than those still testing demand, Diwan told Inc42.

“We will only come where the product-market-fit risk is established,” he said.

The fund will typically evaluate startups with annual recurring revenue (ARR) of ₹25-75 Cr, assessing their unit economics, addressable market, founders’ execution capabilities, and differentiation. It is targeting businesses with the potential to scale annual revenue to ₹300-500 Cr.

Startups need not be profitable when DGV invests, but the fund expects them to have positive or neutral contribution margins, even if they remain loss-making at the EBITDA level.

“Growth by burning an enormous amount of money is not the mantra. It should be a capital-efficient business,” Diwan said.

Beyond capital, DGV plans to help portfolio startups with corporate governance, financial reporting, brand positioning, leadership development, and distribution expansion. It also intends to provide board-level guidance and access to its industry network.

The fund will evaluate businesses across food and beverages, apparel, snacking, beauty and personal care, accessories, jewellery, and bags.

Direct consumer businesses are expected to account for 50-70% of its investments. The remainder will go towards consumer enablers, including contract manufacturers, sourcing and supply chain companies, and B2B2C platforms.

DGV is also open to businesses outside the traditional consumer sector, provided their growth is linked to consumer demand.

Diwan said the fund is evaluating startups across food and beverages, accessories, and B2B2C segments, including a few D2C brands. It is yet to make an investment. 

DGV will also consider a small number of late-stage investments in startups that could go public within two to three years. These deals are likely to comprise largely secondary transactions, Diwan said.

Bullish On Consumer AI And Enablers

DGV expects AI to play a growing role in consumer businesses over the next decade, particularly in product discovery, personalisation, customer acquisition, and fulfilment.

While it does not intend to invest directly in deeptech or standalone AI startups, the fund will evaluate consumer businesses using AI to improve customer engagement and operations.

Diwan expects consumer AI to gain momentum over the next 12-24 months, with startups increasingly integrating the technology into how consumers discover, evaluate, and purchase products.

The fund is also bullish on consumer enablers, particularly contract manufacturers and B2B businesses supplying multiple brands. Diwan said these businesses offer exposure to demand across several brands, reducing dependence on a single consumer-facing startup.

Daksham’s launch adds to the pool of dedicated capital targeting Indian consumer businesses. Earlier this year, Kairon Capital announced the ₹90 Cr first close of its maiden consumer-focused fund against a ₹150 Cr target and a ₹50 Cr greenshoe option.

Fireside Ventures closed its fourth fund at ₹2,265 Cr ($253 Mn) in December last year. The fund aims to invest in 30-35 early-stage consumer brands, with initial cheques of $1 Mn to $12 Mn, across categories including health and wellness, food and beverages, beauty and personal care, and lifestyle. 

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