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Venture Capital
FINANCE | Investment Firms & Funds
kalaari.com

Investments

247

Portfolio Exits

26

Funds

8

Partners & Customers

2

About Kalaari Capital

Kalaari Capital is a venture capital firm that provides early and mid-stage funding to new or growing businesses in India.

Headquarters Location

Ground Floor, Unit-2, Navigator Bldg. International Tech Park, Whitefield Road

Bangalore, 560066,

India

+91 80 67159600

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Research containing Kalaari Capital

Get data-driven expert analysis from the CB Insights Intelligence Unit.

CB Insights Intelligence Analysts have mentioned Kalaari Capital in 1 CB Insights research brief, most recently on Dec 9, 2021.

Latest Kalaari Capital News

Mastercard-Backed Instamojo May Pull Out Of Payment Gateway Bid, To Focus On Scaling Up Back-End Infra

Feb 16, 2024

Fintech startup Instamojo, which counts Mastercard, Gunosy Capital, Kalaari Capital and Blume Ventures as among its marquee investors, might pull out of reapplying for payment aggregator license after the Reserve Bank of India returned its application last year. Instamojo has shelved its plans to apply for a PA licence, after the central bank returned its application last September for not meeting the eligibility criteria. As per Mint’s report, the startup is now focusing on upgrading its back-end infrastructure to assist clients. It has also partnered with licensed payment aggregators and banks to facilitate merchant transactions. The revamped payment system will facilitate settling merchants’ funds directly by the bank into their nodal account instead of Instamojo’s nodal account, Sampad Swain, co-founder of Instamojo, told Mint. Swain said, “In the last three-four months, we have been working with banks and examining our collaborative efforts. We realised that having a license is becoming less important because merely holding money doesn’t provide enough advantages. For example, we won’t be able to earn interest on this money or use it for lending purposes.” Swain expressed his interest in collaborating with banks and regulated payment aggregator partners, allowing them to handle regulations and rules. Payment aggregators aggregate various payment methods on a single platform, enabling merchants to accept payments from customers. Instamojo had halted its payment aggregator PA operations soon after the RBI refused to entertain its application. Instamojo’s choice to close its payment service last year created panic among its merchants. They couldn’t get their money after selling items. As a result, Instamojo not only lost sellers to rivals but also saw a slump in its profits. On September 27, last year, a financial maelstrom swept through India’s vibrant fintech landscape when the Reserve Bank of India (RBI) cracked its whip on Instamojo among dozens of other startups by rejecting their payment aggregator licence application. The central bank’s whip fell on 25 existing payment aggregators (PA) licence holders and 47 applicants who saw their applications rejected. This also included Ezetap’s (acquired by Razorpay in 2022) licence withdrawn. As per the notice, the existing aggregators were granted a 180-day sunset clause to gradually wind down payment aggregator operations. In November 2023, Instamojo announced it was shutting down its PA business. According to the RBI’s guidelines on Regulation of Payment Aggregators and Payment Gateways , licence holders must maintain a net worth of INR 15 Cr for the first two financial years and a net worth of INR 25 Cr after that. They are required to produce a certificate of auditors on their Escrow balance, a certificate of bankers on Escrow account credits and debits, and customer complaints reports quarterly as well as a yearly net-worth certificate by 31st of December every year. Though this is not an exhaustive list of compliance, non-compliance can lead to penalties and potential license suspension. Some of the PAs, including Instamojo, failed to meet the criteria. Originally established in 2012 as a payment solutions provider for small and medium enterprises, Instamojo diversified its offerings in 2021 by introducing an ecommerce software platform. The company offers software to assist businesses in establishing online stores while providing essential services such as branding, analytics, and shipping. Since its inception, Instamojo has successfully secured $15.2 Mn from notable names such as Mastercard, Gunosy Capital, Kalaari Capital, and Blume Ventures. But being rejected by the RBI in the PA game was a big blow. Instamojo is currently at a critical turning point, with payments accounting for three-quarters of its revenues. The RBI’s order has compelled the company to reassess new revenue streams. While Instamojo has been able to bring down the share of payments in its total revenue from 90% earlier to around 75%, a significant share of this revenue will now have to be shared with its payment partners. As such, the company is staring at a big challenge. In March 2020, RBI set rules for payment aggregator licenses, mandating payment gateways to obtain aggregator licences to acquire merchants and offer digital payment solutions. Payment gateways like Razorpay, Cashfree, and Open got approval in December 2023 to offer digital payments. However, Paytm and PayU India are still waiting for final approval to get their payment aggregator licenses.

Kalaari Capital Investments

247 Investments

Kalaari Capital has made 247 investments. Their latest investment was in Baaz Bikes as part of their Series A on November 21, 2023.

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Kalaari Capital Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

11/21/2023

Series A

Baaz Bikes

$8M

No

2

10/10/2023

Seed VC

AuditCue

$1.5M

Yes

Java Capital, and Undisclosed Angel Investors

2

9/20/2023

Series A - II

Eloelo

$22M

No

2

7/13/2023

Series B

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$99M

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10

6/20/2023

Series A

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$99M

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10

Date

11/21/2023

10/10/2023

9/20/2023

7/13/2023

6/20/2023

Round

Series A

Seed VC

Series A - II

Series B

Series A

Company

Baaz Bikes

AuditCue

Eloelo

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Amount

$8M

$1.5M

$22M

$99M

$99M

New?

No

Yes

No

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Co-Investors

Java Capital, and Undisclosed Angel Investors

Sources

2

2

2

10

10

Kalaari Capital Portfolio Exits

26 Portfolio Exits

Kalaari Capital has 26 portfolio exits. Their latest portfolio exit was Affordplan on September 27, 2023.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

9/27/2023

Management Buyout

$99M

3

11/29/2022

Acquired

$99M

20

4/5/2022

Acquired

$99M

4

3/28/2022

Acquired

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$99M

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10

10/20/2021

Acquired

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$99M

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10

Date

9/27/2023

11/29/2022

4/5/2022

3/28/2022

10/20/2021

Exit

Management Buyout

Acquired

Acquired

Acquired

Acquired

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Acquirer

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Sources

3

20

4

10

10

Kalaari Capital Fund History

8 Fund Histories

Kalaari Capital has 8 funds, including CXXO.

Closing Date

Fund

Fund Type

Status

Amount

Sources

7/28/2021

CXXO

$10M

1

9/10/2015

Kalaari Capital Partners III

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$99M

10

7/26/2012

IndoUS Venture Partners II

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$99M

10

7/1/2007

NEA IndoUS Ventures

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$99M

10

6/12/2007

IndoUS Ventures Management

$99M

10

Closing Date

7/28/2021

9/10/2015

7/26/2012

7/1/2007

6/12/2007

Fund

CXXO

Kalaari Capital Partners III

IndoUS Venture Partners II

NEA IndoUS Ventures

IndoUS Ventures Management

Fund Type

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Status

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Amount

$10M

$99M

$99M

$99M

$99M

Sources

1

10

10

10

10

Kalaari Capital Partners & Customers

2 Partners and customers

Kalaari Capital has 2 strategic partners and customers. Kalaari Capital recently partnered with T-Hub on June 6, 2022.

Date

Type

Business Partner

Country

News Snippet

Sources

6/28/2022

Partner

India

Kalaari Capital partners with T-Hub to invest in Hyderabad startups

Kalaari Capital , a leading early-stage venture capital firm , is collaborating with the Telangana government 's innovation ecosystem , Technology Hub or T-Hub .

2

11/22/2021

Partner

India

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10

Date

6/28/2022

11/22/2021

Type

Partner

Partner

Business Partner

Country

India

India

News Snippet

Kalaari Capital partners with T-Hub to invest in Hyderabad startups

Kalaari Capital , a leading early-stage venture capital firm , is collaborating with the Telangana government 's innovation ecosystem , Technology Hub or T-Hub .

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Sources

2

10

Kalaari Capital Team

4 Team Members

Kalaari Capital has 4 team members, including current Founder, Managing Director, Vani Kola.

Name

Work History

Title

Status

Vani Kola

Founder, Managing Director

Current

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Name

Vani Kola

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Work History

Title

Founder, Managing Director

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Status

Current

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