Ashish Dave, the former India chief executive of Mirae Asset Venture Investments, is setting up a new venture capital firm with the target corpus ranging between Rs 700 crore and Rs 1,000 crore. In another development, edtech startup Fusion Klassroom has secured in-principle approval from the Bombay Stock Exchange (BSE) to proceed with its IPO.
Ashish Dave launches Sanskrit Capital
Ashish Dave, the former India chief executive of Mirae Asset Venture Investments, is setting up a new venture capital firm, Sanskrit Capital, targeting to raise Rs 700-1,000 crore, Entrackr reported, quoting sources.
The firm will target Series B and Series C startups that have already achieved product-market fit and are entering a growth and scaling phase. Sanskrit Capital is expected to be structured as a single general partner fund and is nearing approval from the Securities and Exchange Board of India to operate as an alternative investment fund (AIF).
The fund is likely to draw commitments primarily from domestic investors, including family offices, entrepreneurs, and startup founders, the report said.
Sanskrit Capital plans to invest between Rs 50 crore and Rs 150 crore per deal, while setting aside additional capital for follow-on investments. The fund is expected to back firms operating in sectors such as fintech, consumer internet, logistics, healthcare, and enterprise applications of artificial intelligence.
Fusion Klassroom gets nod for IPO
Edtech startup Fusion Klassroom has secured an in-principle approval from the Bombay Stock Exchange (BSE) to proceed with its proposed initial public offering on the exchange’s SME platform, said another Entrackr report.
The approval comes more than three months after the company filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) in February 2026.
In preparation for the public listing, the company had converted into a public limited entity in November last year.
The proposed IPO will comprise a fresh issue of up to 19.89 lakh equity shares, along with an offer-for-sale (OFS) of up to 4.66 lakh shares by existing shareholders, including promoters and angel investors.
Per its DRHP, Fusion Klassroom intends to deploy the proceeds from the fresh issue towards repayment of debt, strengthening its technology infrastructure with a focus on artificial intelligence and machine learning capabilities, as well as funding content development and marketing initiatives.
