Bengaluru, August 19 – PixelSky Capital, a secondaries-focused fund backed by boutique investment bank IndigoEdge and Yumlane founder Hitesh Ahuja, has achieved its first close at Rs 150 crore. The fund is targeting a total corpus of Rs 400 crore to build a portfolio of late-stage startup investments.
Funding Snapshot
- First close: Rs 150 crore
- Target corpus: Rs 400 crore
- Early bets: Purplle and Porter, investing Rs 40–45 crore each at ~$1 billion valuation
- Focus: Secondary stakes in late-stage startups
Strategy & Pipeline
PixelSky Capital plans to add at least three more secondary investments over the next few quarters. The fund is actively exploring new-age businesses at the cusp of profitability, with its next deal expected in the October–December 2025 period. Target companies are those with valuations between $300 million and $1.5 billion, many of which could be IPO-ready by 2026–27.
Backers & Leadership
The fund is backed by a diverse set of domestic family offices, HNIs, and startup founders. Notable sponsors include the Kothari Family of DSP Group, India Quotient’s Anand Lunia, and Sony Entertainment Television cofounder Jayesh Parekh.
PixelSky will be led by Zerin Rahiman, cofounder of IndigoEdge, alongside Hitesh Ahuja, who brings private equity experience from New Silk Route.
Sector Context
India’s secondary market is heating up with several large deals recently. Ontario Teachers’ Pension Plan invested $40 million in HR tech unicorn Darwinbox, while The Sleep Company closed a Rs 480 crore round with equal primary-secondary split. Porter also secured $200 million in a secondary-led round from Kedaara Capital and Wellington Management.
Final Take
PixelSky’s entry signals growing confidence in India’s secondary market, as investors look to unlock value in late-stage startups nearing profitability and IPO readiness.
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