RPSG Capital Ventures closes Fund II at ₹550 Cr in 2024

What was announced and why it matters

RPSG Capital Ventures, an early-stage consumer venture capital fund, said it has marked the final close of its Fund II at ₹550 crore (about $16 million). The fund was launched in January 2024 and exceeded its initial target size of $10 million, or roughly ₹500 crore. The manager said it exercised a green shoe option to accommodate higher investor interest. It also indicated the fundraise saw demand that was more than 150 percent of the target fund size. For the Indian consumer startup ecosystem, the announcement is a signal that domestically driven pools of capital are still being formed for D2C and digital consumer businesses.

Fund II size, target, and the green shoe option

The final close figure disclosed for Fund II was ₹550 crore, above the stated target of ₹500 crore. RPSG Capital Ventures attributed the larger fund size to investor interest that crossed 150 percent of the original target. To absorb that demand, the firm said it used the green shoe option. The fundraise is described as largely domestic in nature, which is notable at a time when many venture funds have been working through slower global capital cycles. The firm also said the oversubscription level reached about 1.5x, and it achieved this within three months of launch.

Who backed the fund

According to the information shared, the investor base was primarily domestic. It included family offices, high-net-worth individuals, and industry veterans or executives from the consumer sector. The fund also saw repeat participation from investors in earlier RPSG Capital Ventures vehicles. The anchor investor was the RPSG Group, and the platform indicated that the group doubled its initial commitment. The overall mix suggests the fund is leaning on India-based capital partners with operating context in consumer categories.

What Fund II is investing in

RPSG Capital Ventures said its focus remains early-stage and consumer-first, with an emphasis on the D2C ecosystem. The firm highlighted interest in new-age consumer businesses with solid unit economics, differentiated positioning, and strong teams. It has positioned itself around the digital consumer ecosystem, including categories such as food and beverage, personal care, and lifestyle goods. It has also referenced sectors such as beauty, health, and entertainment within its consumer focus. The stated approach is consistent with backing brands early and supporting them through their scaling journey.

Investments already made from Fund II

The fund has already started deploying capital from Fund II. It has invested in Supertails, Perfora, Rabitat, and Headway. The Gurugram-based platform specifically named these investments as part of Fund II activity. In February, it led the $15 million Series B round for petcare startup Supertails. It also led a $1.5 million Series A round in 2023 for D2C oral care brand Perfora, which it referenced among its consumer investments. Rabitat and Headway were described as drinkware and foodware brands, respectively.

Track record and earlier funds

RPSG Capital Ventures was founded in 2018 by Sanjiv Goenka, as an early-stage consumer-focused VC platform. The firm noted that Fund II is its third fund raise, following Fund I (2018) and Opportunity Fund 1 (2022). It also stated that its portfolio consists of 16 companies, with a 90 percent success rate, without further detailing the metric. The sequence of fund launches indicates a gradual scaling of the platform’s capital base. Fund II was described as being more than five times the size of the first flagship fund.

Key data points at a glance

Market impact and what it signals for consumer venture funding

The close at ₹550 crore, after a ₹500 crore target, adds a fresh pool of early-stage capital for consumer brands. The fact that the investor set was largely domestic is relevant for founders who are increasingly balancing global capital availability with local funding sources. The early deployments into D2C and consumer platforms indicate that the fund is actively putting capital to work rather than waiting for later-cycle pricing changes. The emphasis on unit economics and differentiated positioning is aligned with the broader shift in venture funding towards sustainability and clearer paths to scale. For consumer founders, the announcement also reinforces that category-specialist funds are still raising and investing in India.

Why the Fund II close stands out

Two elements stand out in the disclosures: the oversubscription and the use of the green shoe option. Oversubscription beyond 150 percent of the original target suggests demand exceeded planned allocations, and the green shoe route enabled the manager to accept more commitments. The firm also tied its strategy to specific consumer categories and early-stage rounds, which helps clarify its intended deployment. Abhishek Goenka, managing partner, said the fund will continue investing in new-age consumer businesses with solid unit economics, differentiated positioning, and strong teams. The named investments provide a concrete snapshot of how that thesis is being implemented.

Closing note

RPSG Capital Ventures’ Fund II final close at ₹550 crore, above the ₹500 crore target, underscores continued appetite for consumer venture exposure among domestic investors. With investments already disclosed across pet care, oral care, and consumer goods brands, the fund appears to be in active deployment mode following its January 2024 launch. Next milestones to watch will be additional Fund II investments and follow-on rounds for the brands already backed under this vehicle.