Investor Profile: KITVEN Fund — Thesis, Cheque Size & How to Apply

If you are building a startup in Karnataka and mapping where KITVEN funding fits, start here. The Karnataka Information Technology Venture Capital Fund (KITVEN Fund) is a state- and central-government-backed VC fund operating in Karnataka since 1999. Its first fund launched in FY 1999–2000 with a Rs 15 crore corpus from KSIIDC, KSFC and SIDBI, invested Rs 17.56 crore across 17 companies, and was fully liquidated at a profit. Today KITVEN runs three active funds for Karnataka's seed and early-stage startups, plus a deep-tech allocation announced in late 2025.

Thesis

KITVEN positions itself as a first or founding investor for emerging Karnataka startups, betting on team track record, large markets, earnings potential and competitive advantage. The current funds target seed and rapid-growth companies in knowledge-based sectors: KITVEN Fund-5 for disruptive deep tech, KITVEN Fund-4 (AVGC) for animation, gaming, VFX and comics.

Sectors & stages

IT, software and biotechnology, with Fund-4 on AVGC and Fund-5 on AI, ML, MedTech, EVs, robotics, drones and blockchain. The Beyond Bengaluru Cluster Seed Fund covers IT, BT, ESDM, semiconductors and AVGC in Mysuru, Mangaluru and Hubballi-Dharwad. Stages: seed, early and rapid-growth; Fund-5 favours startups with a completed proof of concept and revenue. Companies must be incorporated in Karnataka; horizon is three to five years.

Fund size & cheque size

No single aggregate size is published. Fund-4 (AVGC): Rs 20 crore corpus, cheques of Rs 50 lakh–Rs 1 crore (up to Rs 2 crore follow-on). Fund-5: Rs 100 crore target, cheques of Rs 2–Rs 5 crore. Beyond Bengaluru Cluster Seed Fund: Rs 75 crore target — a SEBI-registered Category-1 AIF (no. IN/AIF1/22-23/1224, 08 Mar 2023) — cheques of Rs 50 lakh–Rs 1 crore. A Rs 75 crore deep-tech allocation via KITVEN Fund (Rs 50 lakh–Rs 2 crore, equity) was announced in November 2025.

Notable portfolio

The 1999 fund's 17 investments were all exited: RelQ Software (acquired by EDS Corp, USA), Logix Microsystems (IPO, BSE/NSE), Cerebra Integrated Technologies (IPO), ECAD Technologies (acquired by AT&S Austria), Proteans Software Solutions (acquired by CAMO/Symphony), Indegene Lifesystems and Brickwork India. Current-fund deal on record: MetaShot (Bengaluru console gaming) raised Rs 2 crore via convertible debt in June 2025.

Partners / team

CEO P. V. Harikrishnan; funds managed by Karnataka Asset Management Company Pvt. Ltd. (trustee: Karnataka Trustee Company Pvt. Ltd.), initiated by the Department of IT, BT & ST, Government of Karnataka with KSIIDC, KSFC, SIDBI and KBITS backing.

Programs & perks

No credit or perk programmes — the funds are the programme. Fund-5 prioritises tier-2/3-city startups, women entrepreneurs and DPIIT-recognised startups.

How to apply for funding from KITVEN Fund

Apply at kitven.in/application-form: pick Fund 4 – AVGC, Fund 5 or the Beyond Bengaluru Cluster Seed Fund, enter company details (legal name, URL, CIN, funding requirement, founder, email), upload your proposal (≤5MB), confirm Karnataka incorporation and submit. Review weighs product/technology viability, market potential, team strength and use of capital.