All In Capital Research
Investment Thesis
All In Capital is a Mumbai-based, founder-led pre-seed and seed fund built on the premise that the best companies come from founders who "go All In" — committing their time, capital, and identity to a single bet. Founded in June 2022 by Kushal Bhagia (ex-First Cheque, ex-upGrad, ex-Nayi Disha Studios) and Aditya Singh (co-founder of Bookmyforex.com, acquired by MakeMyTrip; former founding principal at Stride Ventures), the fund positions itself as a community of and for founders. A network of 15+ successful founder-operators (including Vidit Aatrey of Meesho, Aprameya Radhakrishna of Koo, Srikrishnan Ganesan of Rocketlane, and Farooq Adam of Fynd) helps source deals and mentor portfolio companies.
Sector Focus
The fund is explicitly sector-agnostic, backing Indian founders across consumer brands/D2C, consumer tech, fintech, SaaS/enterprise software, gaming, agritech, healthtech, deep tech/space, climate, and EV. Portfolio breadth spans nursing-exam edtech (NPrep) to satellite radar (PierSight) to generative AI photo editing (MagicStudio), reflecting a "back the founder, not the category" approach.
Stage Focus
All In Capital invests almost exclusively at pre-seed and seed, priding itself on being the first institutional check into a company. It has occasionally followed on into later rounds of standout portfolio companies (e.g., Vaaree's Series A).
Check Size
The firm writes first checks of USD 250K to 600K and typically leads or co-leads the round it participates in, aiming to be "the first ones to commit and wire."
Lead Tendency
All In Capital leads. The firm markets speed and conviction as a differentiator, citing deals like PierSight going from first call to term sheet in 11 days.
Recent Activity
All In Capital closed Fund I at roughly $10-11M in June 2022 and deployed it across ~51 startups. In March 2025 it launched Fund II with a target corpus of ₹200 crore (with a ₹300 crore greenshoe option), announcing a first close of ₹85 crore. Fund II is actively deploying, with plans to back approximately 50 startups over a three-year period. Recent portfolio activity includes participating in Vaaree's ~$6.6M (₹65 crore) Series A in August 2026, alongside Peak XV's Surge, PeerCapital, and Better Capital.
Portfolio Highlights
The portfolio spans 150+ founders and roughly 80 named companies across two funds plus legacy investments from Bhagia's earlier First Cheque vehicle (Rocketlane, Fashinza, Mailmodo, GIVA, Jai Kisan, Unbox Robotics). Standout current-fund names include PierSight (satellite SAR), Broccoli AI, NewMe, Vaaree, Volt Money, Segmind, and BindBee. The firm highlights four "founder stories" on its site — Broccoli AI, Magma, NewMe, and PierSight — as proof points of its hands-on, early-conviction style.
Team
- Kushal Bhagia, Founding Partner — Building/investing in tech startups since 2010; founded gaming company Nayi Disha Studios, was upGrad's first BD hire, and ran pre-seed fund First Cheque (100+ investments) before launching All In Capital.
- Aditya Singh, Founding Partner — Co-founded Bookmyforex.com (acquired by MakeMyTrip); did startup BD at Amazon; angel invested in 50+ companies; was founding principal at Stride Ventures (venture debt, $150M AUM).
- Disha Choudhary, Analyst — Joined 2025 from GSV Ventures, where she led India investments; Economics degree from IIT Kanpur.
- Ritvik Sharma, Vice President — Joined 2024 from IIMA Ventures (deep tech and fintech); background in growth/product at early-stage startups; Ashoka University.
- Simran Patel, Vice President — Former commercial disputes and cross-border M&A lawyer; previously ran a startup-focused podcast interviewing consumer founders.
- Trupti Sawant, Finance Lead — Over a decade in fund accounting and AIF compliance; previously at India Quotient.
Decision Process
A small partnership (two founding partners plus a VP/analyst investment team) drives decisions, consistent with a lean, high-velocity pre-seed fund that emphasizes fast term sheets.
Founder Preferences
The firm looks for "non-obvious" founders with strong founder-market fit, willing to demonstrate total commitment ("All In") to their company. It backs first-time and repeat founders across categories rather than filtering heavily by pedigree.
Geographic Focus
India-focused: the fund backs Indian startups building for India and, increasingly, for global markets (e.g., MeetRecord and BindBee target US SMB/SaaS customers from an India base). The firm is registered with SEBI as a Category II AIF (All In Capital Fund II, Reg. No. IN/AIF2/24-25/1512), managed by Founder Capital Advisors LLP out of Mumbai.