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VC fund (Cat II) · SEBI registry

PAVESTONE CAPITAL TRUST

Growth (Series C+) · SpaceTech & Defence · Hyderabad

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At a glance

Stage focus
Growth (Series C+)
Primary sector
SpaceTech & Defence
HQ / office
Madhapur, Hyderabad, Telangana
Fund registered
2026
Investments on record
24
Corpus (as reported)
Pavestone Technology Fund closed at INR 816 Cr (~USD 97M), 2024 (firm-level flagship)
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About

Pavestone (Pavestone VC / Pavestone Capital) is a Hyderabad-based SEBI-registered AIF founded in 2021, investing in early-growth-stage B2B enterprise-tech and frontier-tech startups. This Category II 'Pavestone Capital Trust' vehicle sits within the same Pavestone VC platform; the registered email domain (pavestone.vc) and manager Manohar confirm it as part of the firm.

Investment focus

Early/growth-stage VC; B2B sector-agnostic enterprise platforms & products for large enterprises, plus a ~20% 'frontier tech' allocation (spacetech, advanced AI, 5G, EV components)

Cheque size

INR ~40-85 Cr (USD 5-10M) for early growth-stage; INR ~8-16 Cr (USD 1-2M) for frontier-tech/early-stage

As compiled from public sources — verify with the investor.

SEBI registration

SEBI AIF Category II — reported as “Cat II

  • IN/AIF2/26-27/2156

SIDBI Fund of Funds

Yes — Self-Reliant India (SRI) Fund, a Govt of India fund-of-funds (INR 10,006 Cr from GoI; managed by SBI Ventures/SBICAP Ventures, sponsored by NSIC), is an investor/LP in Pavestone's INR 816 Cr Technology Fund. Source: pavestone.vc press release & yourstory. (Tech Fund is registered as the Cat I scheme IN/AIF1/21-22/0900; same manager LLP backs this Cat II trust.)

Notable portfolio

Bellatrix Aerospace; CynLr; E42.ai; LivNSense; Bizom; Aerchain; Vivriti; Yubi

Team & organisation

~10-11 professionals incl. 3 Managing Partners

LLP-managed AIF — Pavestone Advisors and Consultants LLP is investment manager; Pavestone Capital Trust is the Category II AIF vehicle (firm also runs a Cat I scheme, the INR 816 Cr Pavestone Technology Fund, IN/AIF1/21-22/0900)

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Frequently asked

What does PAVESTONE CAPITAL TRUST invest in?
Early/growth-stage VC; B2B sector-agnostic enterprise platforms & products for large enterprises, plus a ~20% 'frontier tech' allocation (spacetech, advanced AI, 5G, EV components)
What cheque size does PAVESTONE CAPITAL TRUST write?
As compiled from public sources: INR ~40-85 Cr (USD 5-10M) for early growth-stage; INR ~8-16 Cr (USD 1-2M) for frontier-tech/early-stage
How do I pitch PAVESTONE CAPITAL TRUST 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.

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About this record

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://pavestone.vc/team/; https://yourstory.com/2024/11/vc-firm-pavestone-raises-rs-816-crore-technology-fund