The firm
Bertelsmann India Investments (BII) is the strategic investment arm of Bertelsmann SE & Co. KGaA — the German media, services and education conglomerate that operates in around 50 countries — in India. Established in 2012, BII is part of the global Bertelsmann Investments network, which also includes BAI (China) and BDMI (US and Europe); the group has invested around €1.7 billion in more than 400 companies and funds, with over 300 active investments worldwide. BII is led in India by Managing Director Pankaj Makkar, with an investment committee that includes Carsten Coesfeld (CEO of Bertelsmann Investments) and Deniz Pielsticker (CFO of Bertelsmann Investments), and partners such as Rohit Sood.
Investment thesis
BII is a sector-agnostic, early-growth-stage investor partnering with “young, tech-enabled, mission-driven and sustainable” businesses. As an evergreen, balance-sheet investor it holds for the long term rather than managing to a fixed fund cycle. Its focus is tech-driven startups in healthtech, enterprisetech, fintech, agritech and edtech — and it typically leads rounds, keeping reserves to double down on breakout companies.
Sectors & stages
BII invests primarily at Series A to C (mandate: Series A to D), having moved earlier from its original Series B focus. In 2022 it raised a $500 million fund under Bertelsmann's group-wide Boost programme (€5–7 billion by 2026). BII makes around six to eight new investments a year and had invested about $285 million across 17+ companies by mid-2022.
Fund size & cheque sizes
The June 2022 India fund stands at $500 million. BII leads rounds with initial cheques of $5 million to $20 million, and can invest up to $40 million in a company over its lifecycle.
Notable portfolio
BII's confirmed Indian portfolio includes Eruditus (edtech unicorn — BII backed its Series B), Licious (D2C meat and seafood), Pepperfry (online furniture), Lendingkart (SME digital lending), Shiprocket (logistics aggregation), AgroStar (agritech), LetsTransport (BII led its $25 million round in 2023 with a $20 million investment), Swish (BII led a $24 million round in 2026), Nat Habit, Snabbit, Orange Health Labs, Vymo, Rupeek, Saavn. Several, including Shiprocket, Eruditus and Licious, have reached unicorn valuations — a track record that earned BII the IVCA Best Fund Performance Award 2023 in the corporate venture capital category.
People & India presence
The India team is anchored by Pankaj Makkar, Managing Director of BII, with partners including Rohit Sood. Oversight comes from Bertelsmann Investments' global leadership — Carsten Coesfeld and Deniz Pielsticker — giving founders a direct line into one of the world's largest media and services conglomerates. BII also runs Brunch Labs, a founder-focused podcast.
Programs & accelerators
BII does not operate a public accelerator or cohort programme; there is no formal application window. Founder engagement happens through direct outreach and its content initiatives such as Brunch Labs. Its value-add is instead the Bertelsmann network: global market access, operational expertise, and long-term strategic partnership.
Credits & perks
No formal credits or perks programme is publicly documented.
Why it matters for founders
Bertelsmann India Investments offers what few funds can: the staying power of an evergreen balance sheet, cheques from $5–20M at early growth stage, and the muscle of a global media-and-services conglomerate behind you. With a unicorn-studded portfolio — Eruditus, Licious, Shiprocket — and six to eight new bets a year across healthtech, fintech, agritech and enterprise tech, BII is a prime target for founders raising Series A to C who want a patient, strategic partner rather than a fund chasing an exit clock.