New Delhi / Bengaluru — In a significant move that strengthens the bridge between the Indian and US startup ecosystems, BAT VC, a cross-border venture capital firm co-founded by former X (formerly Twitter) India head Manish Maheshwari, has announced the launch of a $100 million fund focused on backing early-stage, AI-first startups.
The fund, titled Fund II, marks BAT VC’s strategic foray into India and will invest in startups across artificial intelligence (AI), fintech, and SaaS, with a mission to support innovation across borders. The fund has already seen strong interest from top-tier institutional limited partners (LPs), strategic investors, and family offices in both India and the United States.
“We believe innovation knows no borders. This fund is not just capital—it’s a commitment to building a stronger, connected startup ecosystem between India and the US,” said Manish Maheshwari, who will spearhead BAT VC’s expansion in India.
A Founder-First Philosophy
BAT VC is not just investing in companies; it’s investing in founders’ dreams—particularly those who are building before achieving product-market fit (PMF). The firm aims to de-risk execution by providing active support, playbooks, and frameworks that help startups navigate their critical early stages.
Founders in the BAT VC network gain access to a cross-border pool of customers, capital, and talent, leveraging the firm’s deep networks in Silicon Valley and India alike. Startups that position AI at the core of their product and business models are of particular interest to BAT VC.
The Indo-US Opportunity
The firm has placed a strong bet on the potential of Indo-US dual-market startups, noting that such ventures typically raise more capital and exhibit faster growth. According to BAT VC, SaaS startups with operations in both geographies report 1.8x higher median revenue growth compared to single-market players.
“Our experience shows that Indian founders are uniquely positioned to scale global companies. With the right guidance and access, they can go much further, much faster,” said Aditya Mishra, BAT VC co-founder.
Proven Track Record
Founded in 2021, BAT VC already has an impressive track record. Its inaugural fund, launched in 2022, posted an internal rate of return (IRR) of 30% and a MOIC of 1.61x. Within just 18 months, startups in the first fund averaged 210% revenue growth.
The firm’s growing portfolio includes companies like StockGro, Uptiq AI, Nickelytics, and Accern, which have each demonstrated potential to scale globally.
A New Era of Purpose-Led Capital
As India’s startup ecosystem matures, BAT VC enters the scene not just as another capital source, but as a strategic ally for entrepreneurs with global aspirations. With Maheshwari at the helm in India, and a founder-first ethos at its core, BAT VC is poised to fuel a new generation of AI-powered, globally minded startups.
