Investor Profile: Eternal Capital — Thesis, Cheque Size & How to Apply

Indian founders weighing an early-stage round should know this name carefully, because Eternal Capital funding now travels under a new brand. This guide explains how to get funding from Eternal Capital, the early-stage fund founded by former BharatPe chief operating officer Dhruv Dhanraj Bahl, which rebranded in August 2025 to Sadev Ventures. The strategy did not change with the name: an India-first, operator-led fund backing post-product-market-fit startups.

Investment thesis

Eternal Capital, now Sadev Ventures, is sector-agnostic and thesis-led, aiming to build a diversified portfolio of what its launch coverage called solutions for the future. Its stated sweet spot is startups led by seasoned operators, at a post-product-market-fit stage, that can demonstrate profitable revenue potential in the medium to long term. The firm's own language frames capital as three forms, financial, social and intellectual, and argues that when they converge they create an edge for the enterprise. In practice that means the fund sells operator help and networks, not just a cheque.

Sectors, stages and cheque size

The fund backs startups between seed and pre-Series A, with reported cheque sizes of Rs 2-6 crore. Its corpus is Rs 120 crore, with a greenshoe option of a further Rs 120 crore, taking total capacity to Rs 240 crore. Launch coverage reported a plan to invest in 40 startups over three years, and rebrand coverage reported about half the corpus deployed across 20 startups. Sectors named at launch include SaaS, clean technology, sports technology and consumer and direct-to-consumer startups, but the fund is formally sector-agnostic, so sector alone should not deter a strong post-product-market-fit pitch.

Notable portfolio

Portfolio ventures named in rebrand coverage include Asaya, Cleevo, Cookd, Gladful, Hypergro, Bidso and Liquide. The firm's current site also displays names including DressFolk, Crest, Furrl, Vama and DrinkPrime. The mix leans consumer, commerce and services with clear revenue lines, which fits the fund's stated preference for post-product-market-fit companies over pre-revenue bets.

Partners and team

The fund was founded and is managed by Dhruv Dhanraj Bahl, Founder and Managing Partner, the former BharatPe COO who had angel-invested in more than 50 startups since 2020 before launching the fund. Launch coverage named commitments from operators and entrepreneurs including Suhail Sameer, Deep Kalra and Tarun Mathur, and the fund received SEBI approval as a Category-I alternative investment fund in November 2023. The current Sadev Ventures site presents a wider tribe of advisors, including Suraj Malik and Suhail Sameer as managing partners alongside Bahl's operator-led team.

How to apply for funding from Eternal Capital

Because the fund now operates as Sadev Ventures, founders should apply under that name through its official site, sadev.ventures, where the firm invites founders to share their game-changing venture details for collaboration. Lead with evidence of product-market fit, revenue trajectory and a credible path to profitability, and name the operator help you actually need, whether hiring, distribution or follow-on fundraising. A pitch that is still searching for product-market fit is, on the fund's own criteria, early for this investor.