The early-stage venture capital landscape in India is undergoing a subtle yet significant  transformation. Alongside established institutional funds, a new breed of conviction driven micro-VCs is emerging—these funds are dedicated to supporting founders right  from the inception of their ventures, often before a product is developed or revenue is  generated. With lower capital demands, AI-enhanced efficiencies, and streamlined  startup models redefining the entrepreneurial landscape, these early believers are  pivotal in shaping the future of India’s consumer and technology sectors. 

TDV Partners: A Vision for the Future 

TDV Partners, which stands for Trillion Dollar Ventures, is firmly positioned within this  evolving ecosystem. Founded by Ujwal Sutaria, the fund is grounded in the conviction  that some of the next globally scaled enterprises will emerge from India, and that  providing early support to founders is essential for this vision to materialise. 

A Journey from Founder to Investor 

Sutaria established TDV Partners approximately four and a half years ago, following  nearly a decade of experience across various facets of the startup ecosystem. Prior to  launching the fund, he was associated with Innoven Capital, where he closely  monitored the growth trajectories of companies like Swiggy, BlackBuck, Licious,  Eruditus, and DealShare from their nascent stages to significant scale. Many of these  ventures have since achieved unicorn status or gone public, equipping Sutaria with a  deep understanding of what sustained execution entails.

Before stepping into the role of an investor, Sutaria himself was a founder. He  endeavoured to create two startups—FruitOn, a cold-pressed juice brand, and Athletto,  a sports tech platform aimed at digitising sports facility bookings. Although neither  venture scaled to a large business, the experiences profoundly shaped his investment  philosophy. 

“I’ve experienced both sides—building from the ground up and observing companies  grow from Series A to IPO,” he shares, emphasising that this dual perspective enables  him to collaborate effectively with founders who are still navigating their paths. 

A Consumer-Centric Investment Approach 

TDV Partners primarily invests at the pre-seed stage, often being the first institutional  cheque a startup receives. The fund typically leads investment rounds ranging from  $500,000 to $1 million, with individual cheque sizes between $200,000 and $250,000. In  many instances, TDV engages with founders even before they incorporate, assisting  them in refining their ideas, validating their assumptions, and transitioning from  concept to execution. 

The fund’s primary focus is on consumer-facing businesses, organised around three key  themes: consumer technology platforms, premium “consumer upgrade” brands  catering to India’s affluent households, and emerging consumer AI applications.  Approximately 80% of the fund’s capital is allocated within this framework, with  selective opportunistic investments where there is a strong founder-market fit. 

The Enduring Relevance of Consumer Platforms 

Sutaria asserts that consumer technology platforms continue to present some of the  most scalable business models, largely due to the advantages of network effects and  software-driven infrastructure. Once established, these platforms can cater to large  user bases without a corresponding increase in costs. 

He also sees AI as a transformative opportunity to reimagine existing consumer  platforms through an AI-first perspective, enhancing efficiency and fostering long-term  resilience. 

What TDV Seeks in Founders 

TDV does not confine itself to a specific founder archetype. Its portfolio includes repeat  founders, industry veterans, and solo entrepreneurs. What holds greater significance is  adaptability—the capacity to learn, attract talent, secure funding, and evolve alongside  the business. 

The dynamics among founders remain a critical focus area, informed by lessons from  TDV’s inaugural fund, where team discord was identified as a common cause of startup  failure.

Building Lean and Looking Forward 

TDV’s first fund, which was approximately ₹25 crore, supported nearly 30 startups  across various sectors including fintech, commerce, faith-tech, beauty, and workforce  platforms. Its second fund, sized at ₹50 crore, reflects a more refined investment thesis  and larger cheque sizes, with investments already made in areas such as sports, solar  energy, lifestyle commerce, and AI infrastructure. 

Operating a nimble two-member team, TDV prides itself on its agility and direct access  to founders. Looking ahead, Sutaria aims to support another 10–11 startups and is  considering a follow-on fund for high-potential companies. 

At its core, TDV Partners aspires to do more than just allocate capital—it seeks to foster  the creation of enduring companies from India, destined for global impact.