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Venture Capital
FINANCE | Investment Firms & Funds
kalaari.com

Investments

238

Portfolio Exits

25

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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Expert Collections containing Kalaari Capital

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Find Kalaari Capital in 1 Expert Collection, including Fitness Tech.

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Fitness Tech

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We define fitness tech as companies leveraging software and technology to augment approaches to developing or maintaining physical fitness. Companies in this category develop tools and services including workout apps, wearables, and connected fitness equipment.

Research containing Kalaari Capital

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CB Insights Intelligence Analysts have mentioned Kalaari Capital in 3 CB Insights research briefs, most recently on Dec 9, 2021.

Latest Kalaari Capital News

Studio Sirah Raises $2.6 Mn in Pre-Series A Round Led by Kalaari Capital and Lumikai

Jan 25, 2023

IndianWeb2 Desk The studio will globally launch its flagship gaming title Kurukshetra: Ascension, and build out additional original IP based strategy and mid-core games leveraging Indian culture and lore Studio Sirah, a next-gen game studio that builds unique Indian-themed games, announced today that it raised $2.6 million in a Pre-series A round led by Kalaari Capital (an early-stage, technology-focused VC firm), and its seed investor, Lumikai (India’s pioneering gaming, and interactive media focused VC fund). The company plans to utilise the funds to globally launch its flagship gaming title, Kurukshetra: Ascension, by June 2023. In addition, the funds will also help to build out their second title, which will go even further in terms of ambition and scope. Kurukshetra: Ascension is a free-to-play card battler, themed on India's two great epics - the Mahabharata and the Ramayana. Players don the roles of ancient legends such as Arjuna and Sugriva, collect divine Astras and mythical creatures (from Apsaras to Daityas), and battle it out to the top in thrilling online duels. The studio is now adding in an expansive story mode (Ascension) - a grand tale of warring gods, conflicting philosophy, and the nature of Dharma itself, where player choices determine the fate of the universe. Expressing his views on the fundraise, Abhaas Shah, Co-founder & CEO, Studio Sirah said, "Over the last year, we have worked hard to build a mid-core gaming studio from scratch, and launched a game which has both cultural resonance and global quality. The response has been amazing, both in India and abroad, and it is evident that there is a huge (and growing) market for uniquely Indian content. We are deeply grateful to Kalaari for joining us in this journey, and to Lumikai, for believing in our vision from the very beginning. Over the coming decades, we hope to not only entertain Indian gamers, but to take a slice of India to the world at large." With over 120K organic downloads in beta, Kurukshetra-Ascension is available in early access on Play Store and Steam. A dedicated follower base on Instagram and a close-knit Discord community that has helped build and test the game from its MVP days reveals a growing appetite for India-based gaming content. Their current user base is deeply engaged, with a DAU/ MAU ratio exceeding 20% and average session times of over 25 min. Commenting on the investment Vamshi Krishna Reddy, Partner at Kalaari Capital said, “The Midcore genre like CCGs has done well globally, including China and Japan – but is severely under-penetrated in the Indian market. There is immense potential for more core IPs to come out of India. When we first met Abhaas and Prateek, we were in awe of the passion with which they were building Kurukshetra and saw a clear whitespace. With stellar artwork and innovative gameplay – Kurukshetra has already garnered a lot of appreciation from users and we are excited with what lies ahead." Commenting on the investment Justin Shriram Keeling, Founding General Partner, Lumikai said, “We’re immensely proud of Abhaas and Prateek for building such a high quality midcore game studio over the last year. Kurukshetra Ascension has been lighting up the community and is widely anticipated ahead of its full release next quarter. Our recently published ‘India State of Gaming 2022 survey indicates that 80% of players have a strong tendency to play games with Indian IP., and we believe that games with culturally resonsant themes have the potential to significantly disrupt the Indian gaming market – especially in the midcore category. We’re excited to see Studio Sirah evolve to the next stage in their vision to create world-class IPs with culturally resonant content.” Kurukshetra: Ascension is the first title from a team of two brothers, Abhaas Shah and Prateek Shah, avid gamers with strong technical backgrounds. They aim to build a new white space in the gaming industry with their rich Indian themed IPs that are gaining huge popularity across the globe. Prior to this, Studio Sirah had raised $830,000 in September, 2021 in its Seed round led by Lumikai and a pool of renowned angels such as Akshat Rathee (founder, Nodwin Games), Alexis Bonte (chief operating officer, Stillfront Games), Piyush Shah (cofounder, Inmobi), Roshni Rathi (partner, BCG), and Sameer Pitalwalla (Head Of Gaming, Google Cloud). About Studio Sirah: Studio Sirah builds mid-core games with a uniquely Indian flavour, for mobile and PC. Their games tap into India's rich lore, while making it accessible to a contemporary audience through stunning visuals and deep, engaging gameplay. The company aims to tap into the ever evolving Indian Gaming ecosystem with their rich Indian themed IPs. Studio Sirah envisions to be ‘India’s Biggest Global Entertainment Export.’

Kalaari Capital Investments

238 Investments

Kalaari Capital has made 238 investments. Their latest investment was in Studio Sirah as part of their Seed VC - II on January 1, 2023.

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Kalaari Capital Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

1/25/2023

Seed VC - II

Studio Sirah

$2.6M

Yes

11

1/17/2023

Seed VC - II

Chara

$4.75M

No

3

11/24/2022

Convertible Note

Koo App

$6.3M

No

1

11/21/2022

Seed VC

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$99M

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10

11/2/2022

Seed VC

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$99M

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10

Date

1/25/2023

1/17/2023

11/24/2022

11/21/2022

11/2/2022

Round

Seed VC - II

Seed VC - II

Convertible Note

Seed VC

Seed VC

Company

Studio Sirah

Chara

Koo App

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Amount

$2.6M

$4.75M

$6.3M

$99M

$99M

New?

Yes

No

No

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Co-Investors

Sources

11

3

1

10

10

Kalaari Capital Portfolio Exits

25 Portfolio Exits

Kalaari Capital has 25 portfolio exits. Their latest portfolio exit was CreditVidya on November 29, 2022.

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

11/29/2022

Acquired

$99M

19

4/5/2022

Acquired

$99M

4

3/28/2022

Acquired

$99M

4

10/20/2021

Acquired

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$99M

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10

8/10/2021

Acquired

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$99M

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10

Date

11/29/2022

4/5/2022

3/28/2022

10/20/2021

8/10/2021

Exit

Acquired

Acquired

Acquired

Acquired

Acquired

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Acquirer

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Sources

19

4

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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