Blume Ventures

Blume Ventures

Company type	Venture capital
Industry	Venture capital, Private equity
Founded	2010 (2010)
Founder	Karthik Reddy, Sanjay Nath
Headquarters	Mumbai, India
Key people	Karthik Reddy (Managing Partner), Sanjay Nath (Managing Partner), Arpit Agarwal (Partner), Ashish Fafadia (Partner)
AUM	US$417 million (2025)
Number of employees	65 (2025) (2025)
Website	blume.vc

Blume Ventures is an Indian venture capital firm headquartered in Mumbai, founded in 2010 by Karthik Reddy and Sanjay Nath. The firm focuses on early-stage, technology-led startups addressing uniquely Indian challenges with global potential. Blume has backed over 316 companies, including five unicorns, and is known for its hands-on mentoring and long-term founder partnerships. It invests across sectors like fintech, SaaS, deep tech, and consumer internet, typically at seed and Series A stages. Blume has raised multiple funds, with its latest, Fund IV, closing at over $200 million in 2021. The firm has achieved notable exits, including Taxiforsure's acquisition by Ola. Blume's platform approach includes advisory services, hiring support, and cross-border networks, positioning it as a key player in India's startup ecosystem.

Founders & Leadership

Blume Ventures was co-founded by Karthik Reddy and Sanjay Nath in 2010.

• Karthik Reddy, Managing Partner, holds a bachelor's degree from Wharton School of the University of Pennsylvania and an MBA from Stanford Graduate School of Business. A former entrepreneur, Reddy brings operational experience from his startup ventures and emphasizes a founder-centric investment philosophy, focusing on long-term support and mentorship.
• Sanjay Nath, Managing Partner, is an alumnus of IIT Bombay and IIM Calcutta. With a background in consulting and technology, Nath focuses on identifying high-potential founders solving complex problems. His investment approach prioritizes product-market fit and scalability.
• Arpit Agarwal, Partner, specializes in deep tech and EV investments. With prior experience in technology and venture capital, Agarwal drives Blume's deep tech thesis, emphasizing innovation-driven startups.
• Ashish Fafadia, Partner, oversees growth investments and capital markets strategy, leveraging his experience in technology and consumer internet.

The leadership team emphasizes founder empathy, with many having entrepreneurial backgrounds, fostering a collaborative approach to startup growth.

Investment Thesis

Blume Ventures invests in technology-led startups addressing uniquely Indian problems with global aspirations. The firm focuses on sectors including:

• Fintech: Embedded finance, payments, and credit access.
• SaaS: Enterprise and vertical SaaS solutions.
• Deep tech: AI, robotics, and carbon capture.
• Consumer internet: D2C, edtech, and healthtech.

Blume typically invests at seed and Series A stages, with cheque sizes ranging from $50,000 to $1.5 million. For B2B and e-commerce startups, Blume prefers companies with an annualized revenue of $375,000 (₹3 crore) or more. The firm prioritizes ventures with customer validation and product-market fit, often backing first-time founders post-MVP and seasoned entrepreneurs at earlier stages. Blume evaluates startups based on market size, team quality, and investability, maintaining a long-term partnership approach, often staying invested for 8–10 years.

Timeline Table

Year	Milestone
2010	Blume Ventures founded by Karthik Reddy and Sanjay Nath.
2011	Launched Fund I with ₹100 crore ($22 million).
2014	First major exit: Taxiforsure acquired by Ola.
2015	Launched Fund II with $60 million.
2018	Launched Fund III with $102 million.
2020	Introduced Discovery Program for pre-seed investments.
2021	Closed Fund IV with over $200 million.
2024	Portfolio company greytHR exits via acquisition.
2025	Led $16 million seed round in Complement1.

Portfolio/Featured Startups

As of May 2025, Blume Ventures has invested in 316 companies, including five unicorns, with 20 new investments in the past 12 months.

Startup	Sector	Investment Stage	First Invested	Notable Outcomes
Unacademy	Edtech	Seed	2015	Unicorn
Purplle	D2C, Beauty	Seed	2012	Unicorn
Slice	Fintech	Seed	2016	Unicorn
GreyOrange	Robotics, Deep tech	Seed	2011	Global expansion
Taxiforsure	Ride-hailing	Seed	2012	Acquired by Ola (2014)
Carbon Clean	Deep tech, Carbon Capture	Seed	2011	Global leader
Locus	Logistics, SaaS	Seed	2015	Global expansion
Yulu	EV, Micro-mobility	Seed	2017	Scaled operations

Notable Exits

Blume Ventures has recorded 38 portfolio exits, including:

• Taxiforsure: Acquired by Ola in 2014 for an undisclosed amount, marking one of Blume's largest exits from Fund I.
• Zipdial: Acquired by Twitter in 2015.
• Minjar: Acquired by Nutanix in 2018.
• E2E: Partial exit via IPO on NSE Emerge.
• greytHR: Acquired in 2024.

Fund Details

Blume Ventures has raised multiple funds, including core, opportunity, and secondary funds:

Fund	Launch Year	Size	Theme
Fund I	2011	₹100 crore ($22 million)	Pre-seed, Consumer internet, SaaS, Deep tech
Fund IA	2014	₹24.5 crore ($4.1 million)	Opportunity fund
Fund II	2015	$60 million	Seed, Series A
Fund IIA	2017	$41 million	Opportunity fund
Fund III	2018	$102 million	Seed, Series A
Fund IV	2021	$200 million+	Seed, Series A, Deep tech

Fund I achieved ~5x returns, with projections to close at ~6x by 2024.

Accelerator / Program Details

Blume Ventures launched the Discovery Program in August 2020 to support pre-seed startups. The program provides small investments ($100,000–$500,000) and access to Blume’s network of mentors and advisors. It targets founders with compelling stories and aligns with Blume’s thesis-driven investments, often through the Blume Founders Fund initiative. Active portfolio companies include Mooofarm, Subko, and Glamplus.

Application Process

Startups can pitch Blume Ventures through:

• Introductions: Preferably via Blume portfolio founders or mutual contacts.
• Direct Outreach: Cold emails to Blume’s investment team, including a pitch deck and details on traction, team, and market opportunity.
• Website Form: Submission through the contact form on Blume’s official website.

Blume prefers startups with customer validation and recommends B2B or e-commerce ventures have at least $375,000 in annualized revenue before applying.

Key Co-investors

Blume frequently co-invests with:

• AngelList (17 companies)
• Nexus Venture Partners (multiple rounds)
• BEENEXT (multiple rounds)
• Accel (multiple rounds)
• Sequoia Capital India (follow-on rounds)

These partnerships leverage shared expertise and diversify risk.

Impact Investments or CSR

Blume Ventures supports impact-driven startups, particularly in deep tech and sustainability. Investments like Carbon Clean (carbon capture) and Yulu (micro-mobility) align with environmental and social goals, enhancing access to economic opportunities and improving quality of life.

Media & Recognition

Blume Ventures has been recognized for its role in shaping India’s startup ecosystem:

• Featured in Forbes India for its deep tech investment strategy (2024).
• Highlighted by TechCrunch for raising over $250 million for Fund IV (2022).
• Noted in YourStory for bridging the gap between angel investors and large VCs (2020).

FAQs

What stages does Blume Ventures invest in?

Blume primarily invests in seed and Series A stages, with cheque sizes from $50,000 to $1.5 million.

What sectors does Blume focus on?

Key sectors include fintech, SaaS, deep tech, and consumer internet.

How can startups pitch to Blume?

Startups should reach out via portfolio founder introductions, cold emails, or the website’s contact form, ideally with traction data.

Does Blume invest in pre-MVP startups?

Typically, Blume prefers post-MVP startups with customer validation, but exceptions are made for seasoned founders.

External Links

• Official website
• LinkedIn
• Twitter
• YouTube

Related Investors

• Nexus Venture Partners
• Accel
• Sequoia Capital India
• BEENEXT
• AngelList