About Caspian
Caspian is a venture capital firm founded in 2004. It is primarily based out of Hyderabad, India. As of Mar 2025, Caspian is an active investor, having invested in 30 companies, with 2 new investments in the last 12 months. It primarily invests in Series A round in India based startups. Its investments are spread across a wide range of sectors from Food and Agriculture Tech to Enterprise Applications and Environment Tech. Most recently it led the $2.49M Series C round of Ecozen Solutions along with Triodos Investment Management. This round also saw participation from Caspian Equity and other investors.
Overall, Caspian portfolio has seen 5 IPOs and 3 acquisitions including key companies like Ujjivan Small Finance Bank, Equitas Small Finance Bank and Jana Small Finance Bank. A lot of funds co-invest with Caspian, with names like Triodos Investment Management sharing a substantial percentage of its portfolio.
Caspian has team of 78 people including 9 partners.
Key Metrics
Team Members
Portfolio Count
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Series A, Conventional Debt &
Portfolio IPOs
Portfolio Acquisitions
Portfolio Soonicorns
Deals in last 12 months
Caspian's Year-on-Year Investment Trends
Caspian has invested in 30 companies over the last 20 years, with an average of 1 new investment annually in the last 10 years. In 2024, it made 1 investment, while as of Mar 2025, it has made 1 investment in this year. Its most recent first time investment was in Curefoods and most recent follow-on round was in Ecozen Solutions.
Year | No. of Investments | ||
|---|---|---|---|
1stÌý¸é´Ç³Ü²Ô»å | Follow-on | Total | |
2025 (YTD) | 1 | 0 | 1 |
2024 | 1 | 0 | 1 |
2023 | 0 | 1 | 1 |
2022 | 3 | 1 | 4 |
2021 | 1 | 1 | 2 |
2020 | 2 | 0 | 2 |
2019 | 1 | 2 | 3 |
2018 | 3 | 0 | 3 |
2017 | 0 | 0 | 0 |
2016 | 0 | 1 | 1 |
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Caspian's Investments by Stage
Caspian has made 8 investments in Series A stage with an average round size of $4.13M, 5 investments in Conventional Debt stage with an average round size of $3.06M and 5 investments in Series B stage with an average round size of $8.3M.Note: We have considered here, only first round of investments
Stage of entry | No. of Investments |
|---|---|
Series A | 8 |
Conventional Debt | 5 |
Series B | 5 |
Seed | 2 |
Series C | 1 |
Others | 2 |
Caspian's Investments by Sector
Caspian has a diverse portfolio, with companies operating in the Financial Services, Sustainability Tech, FinTech, Food and Agriculture Tech and Enterprise Applications. Notably, it has invested in 16 Enterprise (B2B) companies, 12 Tech companies, 11 Consumer (B2C) companies and at least 11 companies focusing on Social impact.
Note: We have considered here, only first round of investments
Sector | No. of Investments |
|---|---|
Financial Services | 13 |
Sustainability Tech | 9 |
FinTech | 4 |
Food and Agriculture Tech | 4 |
Enterprise Applications | 3 |
Others | 14 |
Caspian's Investments by Geography
Caspian has made most investments in India (22), followed by United States where it has made 1 investment.
Note: We have considered here, only first round of investments
Country | No. of Investments |
|---|---|
India | 22 |
United States | 1 |
Caspian's recent investments
Here are the most recent investments by Caspian:
Date | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Mar 24, 2025 | India | Conventional Debt | $6.6M | BlackSoil [+1] | |
Sep 26, 2024 | India | Conventional Debt | $957K | ||
Jan 24, 2023 | India | Series C | $25M | [+4] | |
Aug 03, 2022 | India | Conventional Debt | Undisclosed | Vivriti Capital [+1] | |
Aug 03, 2022 | United States | Conventional Debt | Undisclosed | [+1] |
Get the detailed list of all investments by Caspian. Download now!IPOs and Publicly Listed companies in Caspian's Portfolio
Here are Caspian's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Feb 14, 2024 | Jul 16, 2012 | Series C | $14.6M | |
Aug 24, 2021 | Oct 17, 2012 | Series A | $5.68M | |
Nov 02, 2020 | Jun 12, 2009 | Series A | $480K | |
Dec 12, 2019 | Aug 17, 2005 | Seed | $161K | |
May 10, 2016 | Oct 31, 2007 | Series A | $2.31M |
Acquired companies in Caspian's Portfolio
Here are Caspian's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jan 27, 2022 | - | - | - | |
Sep 13, 2012 | Jul 05, 2008 | Series A | $1.5M | |
Sep 12, 2011 | Sep 16, 2010 | Series A | $15M |
Team profile of Caspian
Caspian has a team of 78 membersÌýincluding 9 Partners and 22 PrincipalsÌýlocated in India, United Kingdom and . Caspian's team sits on the board of 3 companies.Here is a list of top team members in Caspian:
Name | Designation | Location | Board Memberships | Contact details |
|---|---|---|---|---|
Partner | Hyderabad | |||
Partner | Bengaluru | |||
Partner | Mumbai | - | - | |
Partner | Bengaluru | - | - | |
Partner | Redwood City | - | - | |
Partner | Hyderabad | - | - | |
Partner | - | - | - | |
Partner | - | - | - | |
Principal | Hyderabad | - | , | |
Principal | Hyderabad | - |
Get the full list of Caspian's team & partners for free. Download now!Co-investors of Caspian
Over the past 20 years, 700 investors have co-invested in Caspian's portfolio companies.
- Invested before Caspian:ÌýCaspian Equity, Trifecta Capital and 188 others have invested in rounds before Caspian. There are 3 companies where Caspian Equity has invested before Caspian and 2 companies where Trifecta Capital has invested before Caspian.
- Top Co-investors of Caspian:Ìý35 investors entered a company along with Caspian. These include investors like Triodos Investment Management (3 companies).
- Invested after Caspian:ÌýA total of 475 investors have invested in Caspian's portfolio after their investments. Top Investors include IFC (6 companies), Northern Arc Capital (6 companies) and FMO (5 companies).
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Recent News related to Caspian
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PR Newswire•Jul 29, 2024•Nut Tree Capital Management, Caspian, Martin Midstream Partners, CASPIAN CAPITAL
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Viestories•Oct 13, 2023•Agrosperity Tech Solutions, , Yatra Angel Network, Piper Serica and 4 others
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