Kettleborough VC

Stage focus

Seed

Primary sector

Financial services (non-tech)

City

Ahmedabad

HQ / office

Ahmedabad, Gujarat, India (no full street address published on the official site; firm operates as a solo-GP SEBI-registered AIF Cat-I fund headquartered in Ahmedabad)

Fund registered

2020

Investments on record

32

Corpus (as reported)

Fund II launched Jul 2025: target corpus Rs 80 Cr (~$9.3M), first close Rs 35 Cr (~$4.2M), backed by family offices and entrepreneurs in India and the US. Maiden Fund I closed at $5M (Oct 14, 2022).

Website

kettleborough.vc

LinkedIn

Profile ↗

Kettleborough VC is an Ahmedabad-based early-stage (seed/inception) venture fund founded by Nisarg Shah, who runs it as a solo general partner (transitioning from angel investing; prior stints at Matrix Partners and Zephyr Peacock). It backs founders with a decade-plus of domain expertise, writing initial cheques of roughly $150K–$500K and emphasising durable, real-revenue ("Dhandha-first") businesses. It closed a $5M maiden Fund I in October 2022 and in July 2025 launched a Rs 80 Cr (~$9.3M) Fund II (first close Rs 35 Cr), backed by family offices and entrepreneurs in India and the US. It is a SEBI-registered AIF Category-I fund.

Stage: Seed / early-stage / inception capital. Initial cheques ~$150K–$300K in Fund I, raised to ~$300K–$500K in Fund II, with follow-on reserves; backs ~10 companies per fund. Sector: largely sector-agnostic / founder-first ("Dhandha-first" / real-revenue businesses), with emphasis on financial services (NBFC, insurance, fintech infra), full-stack commerce (B2B platforms, consumer brands), and vertical SaaS (incl. agentic AI).

Initial seed cheques USD 300K–500K (~INR 2.5–4.2 Cr)

As compiled from public sources — verify with the investor.

SEBI AIF Category I — Venture capital — reported as “Seed / early-stage micro-VC (Solo GP) / Cat I”

• IN/AIF1/20-21/0805
• IN/AIF1/25-26/1776

None found — Fund II first close (INR 35 Cr of INR 80 Cr target) from cross-border family offices and entrepreneurs in India and the US; no SIDBI FFS, state FoF, or government/DFI LP disclosed

InPrime Finserv; Finhaat; ELIVAAS; Foxtale; Zocket; Zippmat; Onebanc; WizKlub (exited — acquired by Infinity Learn, May 2022)

Solo GP (Nisarg Shah); 2–10 employees per LinkedIn; designated partners Nisarg Shah & Parthiv Shah

LLP-managed SEBI Category I AIF (manager: Kettleborough Ventures LLP, Ahmedabad, est. 2019); solo-GP, multi-fund (Fund I ~INR 35 Cr; Fund II target INR 80 Cr)

What does Kettleborough VC invest in?

Stage: Seed / early-stage / inception capital. Initial cheques ~$150K–$300K in Fund I, raised to ~$300K–$500K in Fund II, with follow-on reserves; backs ~10 companies per fund. Sector: largely sector-agnostic / founder-first ("Dhandha-first" / real-revenue businesses), with emphasis on financial services (NBFC, insurance, fintech infra), full-stack commerce (B2B platforms, consumer brands), and vertical SaaS (incl. agentic AI).

What cheque size does Kettleborough VC write?

As compiled from public sources: Initial seed cheques USD 300K–500K (~INR 2.5–4.2 Cr)

How do I pitch Kettleborough VC through iHub India?

Create a free startup account, open a funding round, and send a structured pitch from this profile. If the investor accepts, contact details are shared and the conversation moves into a tracked deal room.

VC fund (Cat II)

021 Capital Trust

Seed · IT / SaaS / Enterprise Software · Bengaluru

USD ~1 Mn (below USD 1 Mn per cheque; up to USD 2 Mn reported for earlier fund); INR ~8-16 CrContact on file

VC fund (Cat II)

247VC Investment Trust

Seed · Deep Tech (AI/ML/Robotics) · Mumbai

INR 4-5 Cr at seed, with follow-on appetiteContact on file

VC fund (Cat I)

3ONE4CAPITAL TRUST

Seed · IT / SaaS / Enterprise Software · Bengaluru

Early-stage (seed to Series A); per-cheque range not disclosed on siteContact on file

VC fund (Cat I)

888vc Accelerator Fund

Seed · Deep Tech (AI/ML/Robotics) · Bengaluru

INR 2-4 Cr average; first cheques up to USD 500K (Seed to Pre-Series A)Contact on file

VC / investor (non-AIF or offshore)

8X Ventures

Seed · Deep Tech (AI/ML/Robotics) · Noida

Initial cheques INR 2-5 Cr each; up to ~INR 20 Cr total per startup including follow-ons (Fund II)Contact on file

VC fund (Cat II)

A91 Partners

Growth (Series C+) · Financial services (non-tech) · Mumbai

Typically USD 10M-50M per company (approx INR 80-400+ Cr), targeting ~15 companies per fund.Contact on file

All Seed investors →

• ⚑ Private solo-GP micro-VC, India-based, SEBI AIF Cat-I, no government/DFI linkage, no name-collision or fraud signals found. PORTFOLIO CORRECTION: Otipy (Crofarm), HomeCapital and Phable were REMOVED — these are Nisarg Shah's PERSONAL pre-fund angel investments, not Kettleborough VC fund holdings, and conflating them overstates the fund's portfolio. EMAIL FLAG: [contact on file] was claimed as "Verified — official site" but is NOT displayed on the rendered official homepage (it was scraped from a JS bundle / third-party aggregators) — email blanked. Founding year reported variously as 2020 (Tracxn/Crunchbase) or 2021 (press) — minor discrepancy.

Compiled from SEBI registrations and public sources as of 2026-07. iHub India lists investors neutrally and does not endorse, rank, or verify investment terms — confirm all details directly with the investor before transacting.

Sources: https://in.linkedin.com/company/kettleborough-vc; https://indianstartupnews.com/news/nisarg-shah-led-kettleborough-vc-launches-rs-80-crore-fund-ii-9501714