TLDR:
- Dhruv Dhanraj Bahl has spearheaded 60 investments since 2019–20 in various sectors.
- His fund, Eternal Capital, focuses on empowering entrepreneurs to build world-class products for and from Bharat.
Dhruv Dhanraj Bahl, the Founder and Managing Partner at Eternal Capital, has transitioned from being an operator to an influential figure in the venture capital landscape. He started his investing journey in 2015 as a limited partner in different funds and later founded Eternal Capital in 2023 with a mission to empower entrepreneurs. The fund operates based on three clear principles: thesis, co-invest, and ‘dhandha’. Dhruv believes that the convergence of financial, social, and intellectual capital leads to sustainable alpha generation. He has made 60 investments since 2019–20 in companies like Stupa Sports Analytics, Basic Home Loan, ApniBus, and more.
Looking towards the future, Dhruv plans to focus on early-stage innovation and late-stage growth investments and emphasizes the key role IPOs of new-age companies will play in building trust and capital. He believes that the value unlocked from these investments will drive innovation and transformation in the start-up ecosystem. Dhruv also highlights the importance of India’s planned privatisation drive and the emergence of operator-led VC firms in unlocking incremental value in the country.
Through hands-on guidance, Dhruv has helped portfolio companies navigate challenges and seize business opportunities, such as accessing growth capital and hiring new leaders. Eternal Capital’s investment areas include fintech, consumer-tech/D2C, sports and gaming, clean energy, and SaaS/AI. The fund’s average ticket size is INR 2-3 Cr, with Fund 1 having an Assets Under Management of INR 240 Cr (~USD 30 Mn).
