Investor Profile: Cactus Partners — Thesis, Cheque Size & How to Apply

If you are past product-market fit and raising a growth round, here is how to get funding from Cactus Partners. This Mumbai-based early-growth venture firm closed its maiden Rs 630 crore Fund I in February 2024 and is now raising a Rs 1,600 crore Fund II to back 13–15 companies. Cactus Partners funding is aimed at founders making the "one-to-10" leap — the capital-intensive scaling phase after PMF, not pre-seed experimentation.

Thesis and sweet spot

Cactus Partners invests across three pillars: advanced manufacturing (electronics, semiconductors, defence, spacetech, robotics, critical minerals), enterprise technology (AI, cybersecurity, healthtech, vertical software) and consumer technology (fashion, wellness, travel, consumer electronics, beauty). The firm's filters are revenue with real margins, sticky recurring demand and a defensible cost structure — it deliberately avoids hype-driven valuations. The firm previously operated as Cactus Venture Partners and rebranded as Cactus Partners as it scaled.

Cheque size and fund

Fund I of Rs 630 crore has been deployed across 13 companies. For Fund II, targeting about $180 million, the firm plans initial cheques of Rs 60–100 crore, typically leading rounds of $10–20 million with $6–10 million cheques and syndicating the rest. Its LPs include SIDBI, the Self-Reliant India Fund and the UP Startup Fund alongside domestic and international family offices.

Notable portfolio

Fund I bets include Lohum (battery recycling), Bellatrix Aerospace (a $20 million pre-Series B led by Cactus in March 2026), Indigrid Technology, Brandworks Technologies (a $7 million round led in August 2025), Kapture CX, Showroom B2B ($17 million led in February 2026) and ParkMate. The firm reports no write-offs to date.

Partners

The firm is led by General Partner Amit Sharma, Partner Rajeev Kalambi and Partner Anurag Goel, with offices in Mumbai, Gurugram and Bengaluru.

Programs, credits and perks

Cactus Partners runs no public accelerator; its value-add is hands-on scaling support through the capital-intensive growth phase and a co-investor network for syndicated rounds.

How to apply for funding

There is no public application form. Reach the investment team through the contact details on the firm's official website at cactuspartners.in. Given the thesis, come with demonstrated product-market fit, healthy gross margins and a clear use of growth capital — idea-stage decks will not fit the mandate.