Karthik Reddy

Reporting a fund is easier than digging deep into the innards of the venture craft and sharing valuable insights. Last year's Omega Files Ep 1 paves the way to share more this time. It's time for Episode 2 of the #OmegaFiles bit.ly/BVTheOmegaFile… Benchmarking Fund IRRs, Pattern Matching (and extracting signals from noise), Impact generation from venture capital and showcasing more peer funds from the Fund I era (2011-15) are the highlights. And you have to mine the nuggets tucked away. Thanks to our peer funds who graciously agreed to share their performances this year @skg69 and team @YourNestVC @SashaMirchi and team @KaeCapital Kumar Shah and Micromax Corp VC A big thanks to @AdithyaS017 and his intern army of 2. Flashback to Episode 1 bit.ly/BVTheOmegaFile…

In this month's Decoding Exits series, @BKartRed (Karthik) breaks down the latest M&A activity across India's startup ecosystem in the month of March — from defence tech and D2C consolidation to a $600M Netflix AI acquisition and Estée Lauder's full buyout of Forest Essentials. Here are the highlights: 🎬 @netflix acquired InterPositive for up to $600M — Ben Affleck's 16-person AI filmmaking tools company. This is the beginning of a trend where AI vertical teams getting acquired at massive premiums by platforms. 🌿 Estée Lauder acquired the remaining 51% of Forest Essentials — going from 49% (since 2020) to 100% ownership. Founded by Mira Kulkarni, HQ stays in New Delhi. This is the holy grail of Indian M&A where global brand houses buying Indian brands to build out their portfolio. 🛡️ LAT Aerospace (Founded by Deepinder Goyal) acquired Sharang Shakti — an indigenous defence robotics startup. Deepinder continues to diversify post stepping down as Zomato CEO, building a portfolio across health, wearables, and now defence tech. 👟 Mirza International's MD Tauseef Mirza acquired 100% of Solethreads — a semi-premium D2C footwear brand backed by Fireside, DSG, and Saama. Legacy manufacturing meets D2C brand-building. 🚛 91Trucks acquired MotorFloor and TrucksFloor showing early consolidation in the commercial vehicle marketplace space. 🧴 Puresta acquired SKINQ — a D2C skincare brand, as Puresta builds an AI-powered full-stack dermatology platform. Raised ₹34 Cr from Spring Marketing Capital and Stride Ventures 🎓 @upGrad_edu acquired Internshala in a ~₹100 Cr deal. This is upGrad's ~15th acquisition as Ronnie Screwvala builds a full-stack education-to-employment platform. 🔗 Polymarket acquired Brahma — DeFi infrastructure with $1B+ in transaction volume. Polymarket (rumoured ~$20B valuation) adds to its acquisition spree after Lunch and Dome. Watch the full video here: youtube.com/watch?v=jyHINc… @AshishFafadia @sajithpai @sanjaynath @arpiit @riashroff @saritaraichu @mehtaalok @mitul_am @SeekingN0rth @DeepikaDakuda @gauthamsiv @ray_elton99 @vikramg05

From IPO dreams to brutal realities. A real conversation on how VCs think about risk, conviction and building in India today. Watch the Arkam VC Roundtable 2026: youtu.be/8c63TIw3WBY?si… @bsrinivasa @BKartRed @s_brij_verma

The Blume Tee isn't merch, it's a mirror of the ecosystem's state of mind. Every year, the slogan captures Blume's internal state, one that inevitably mirrors a phase in the founder journey, too. From "Never Tell Me The Odds" to "The Power of the Underdog" to "Destiny, Avenged" — twelve tees across twelve years, each marking a transitional emotion that every builder in the Blume nation lived through. This year's slogan: "The Orbits, They are a Shiftin'." With companies dreaming and daring to build paths to $100B futures, India's startup ecosystem is undergoing an orbit shift that would've been unimaginable a decade ago. @BKartRed (Karthik) breaks down the physics and the philosophy behind this year's tee. Read the full post to see the flashback reel of all twelve: shorturl.at/xuO3E @BKartRed @AshishFafadia @sajithpai @sanjaynath @arpiit @riashroff @saritaraichu @mehtaalok @mitul_am @SeekingN0rth @DeepikaDakuda @gauthamsiv @ray_elton99 @vikramg05

Scale gets the headlines. What happens after listing rarely does. Vikram Gawande and Dhagash Shah from our Growth Investments team tracked 377 companies from IPO to FY25, across revenues, margins, cash flows, valuations, and employee costs. Here are some things that stood out: - Multiple compression is not an exception. Rather it’s the base case. Median P/S fell from 3.4x at listing to 3.0x by FY25. - Across nearly every sector, companies were valued more richly at listing than two years later. We observed revenue growth (and not multiple expansion) to be a reliable compounder. - Small caps quietly outperformed. 16% market cap CAGR over the decade, against 9% for mid-caps and -11% for large-caps. We recently published Part 2 of our report on Insights from Mainboard IPOs. If public markets are on your horizon, as a founder, investor, or both, the report is worth the read: shorturl.at/zRPXx @BKartRed @AshishFafadia @sajithpai @sanjaynath @arpiit @riashroff @saritaraichu @mehtaalok @mitul_am @SeekingN0rth @DeepikaDakuda @gauthamsiv @ray_elton99 @vikramg05 @DhagashS

The Revenue AI Stack Is Broken. Here's What Comes Next. Imagine you're a revenue leader who's all in on AI. You've read the case studies, and you believe the hype. You want to automate everything from outbound to lead scoring to forecasting. But instead of feeling like you're in the future, you're stuck managing multiple tools, integrations, and contracts. You have a GTM stack that feels like it's stitched together with duct tape. Here's a map of where things actually stand. @sameeraculous (Sameera) from Blume's investments team created a BluPrint breaking down what's broken today and where founders should be building next in the revenue AI space. For revenue leaders and founders, the thesis maps out how AI is rewiring pre-sales, post-sales, and RevOps and where the biggest gaps still sit. Read the full thesis here: shorturl.at/TUeF3 @BKartRed @AshishFafadia @sajithpai @sanjaynath @arpiit @riashroff @saritaraichu @mehtaalok @mitul_am @SeekingN0rth @DeepikaDakuda @gauthamsiv @ray_elton99 @vikramg05

Super excited to finally share a new project that we’ve been working called Project Astro! Under this project we'll be launching 333 satellites to map the precise real-time positions of planets, stars, and celestial bodies with accuracy no ground-based observatory can match. We’re partnering with one of the world's largest astrology platforms (under NDA, but you can guess) to offer the world’s first satellite-verified AI service (no not Artificial Intelligence - Astrological Intelligence). Real-time planetary and constellation positions. No approximations. No outdated ephemeris tables from the 1960s. Just cold, hard, space-grade astrological truth. Some highlights: — First paying customer is an unnamed billionaire who has refused to close his next round of funding until Mercury’s position is independently verified by a satellite. We quoted him $1Mn. He didn’t blink. — We’re already in talks with 3 matrimonial platforms for API integration. Vibe-matching powered by actual space infrastructure. “Satellite-matched” as a badge on profiles. — B2G pipeline is strong. One state election commission has informally asked if we can provide “auspicious window analysis” for announcing election dates — TAM is conservatively 3.2 billion people, but ideal customer profile is anyone that believes this post today. Our Finance team has flagged that this pivot makes our Series C narrative “complicated.” I have responded that astrology-tech is the only sector with both zero customer churn and zero price sensitivity.

India's Micro VC Map: Who's Writing the First Cheque in 2026? India's micro VC world has grown fast, and we've watched it up close. This month, Sarita Raichura and Yashesswin YVRS from our Investments team published the updated installment of a verified list of sub-$100M funds backing Indian startups. It was built from direct conversations, co-investments, and independent checks across nearly 200 funds (not scraped from a database). We built it so founders have a reliable starting point for finding the right cheque at the right stage. The list covers two tiers: micro VCs under $40M writing $500K–$800K cheques, and $40–100M funds leading with $1–$1.5M, covering pre-seed to pre-Series A. Every fund on it has been spoken to or validated by the Blume team. If you're a founder figuring out who writes the first cheque in 2026, start here: shorturl.at/ah10m @BKartRed @AshishFafadia @sajithpai @sanjaynath @arpiit @riashroff @saritaraichu @mehtaalok @mitul_am @SeekingN0rth @DeepikaDakuda @gauthamsiv @ray_elton99 @vikramg05 @YVRS_Yashesswin

2026 marks 15 years of Blume — a milestone to reflect on the journeys we’ve backed and the India we’ve helped shape. At the core of it all is one belief: “Small beginnings can create exponential outcomes.” This year, we brought that multiplier effect alive through an AI-crafted film, blending technology with storytelling to reimagine our impact. From first cheques to category leaders and from ideas to ecosystems, the ripple has only grown stronger. A special shout-out to our friends at @STAGEdotin (Blume Fund IV), who operate at the cutting edge of using AI for content, and helped us bring this video to life. Watch the full series here: shorturl.at/3oGhT @BKartRed @AshishFafadia @sajithpai @sanjaynath @arpiit @riashroff @saritaraichu @mehtaalok @mitul_am @SeekingN0rth @DeepikaDakuda @gauthamsiv @ray_elton99 @vikramg05

🚀 Powering India's Commercial EV Revolution: Euler Motors Raises $47M (~₹437 Cr) @Euler_Motors (Fund III) has raised $47M in a funding round led by Lightrock. We participated in the round along with Hero MotoCorp. The company has also secured ₹250Cr in debt financing from BlackSoil, Trifecta, InnoVen Capital India, and Alteria Capital. Founded by @sauravk_89 (Saurav) in 2018, Euler Motors is a leading commercial electric vehicle manufacturer building purpose-built electric three- and four-wheeler cargo vehicles for last-mile logistics. The fresh capital will be deployed to double production capacity to 2,000 vehicles per month, with a third manufacturing unit set to go live in the next six months. Around ₹400Cr will be invested over the next 18 months across R&D, tooling, product development, and factory expansion. The company reported ₹192Cr in revenue for FY25 and is on track to post 100% revenue growth in FY26, with presence across 60 cities and plans to expand to 100. "Euler has always invested heavily in R&D and building purpose-built EV products rather than retrofits. We will continue investing in batteries, software, and localisation. We want to scale to 2,000 vehicles per month," said Saurav Kumar, Founder & CEO of Euler Motors. @arpiit (Arpit), Partner at Blume, says, "We have been delighted by the way Saurav and his team have executed over the last 8 years. They've proven that young Indian companies can build high-quality automotive products from scratch, loved by customers with the potential to become market leaders. The journey hasn't been easy, but we're excited about what's ahead." With EV penetration in four-wheel commercial vehicles still at just 1-2%, Euler Motors is positioned to capture a massive opportunity as India's logistics sector goes electric — delivering cleaner, more efficient last-mile solutions across the country. 📰 Read the full press release here: shorturl.at/xo4Sp @BKartRed @AshishFafadia @sajithpai @sanjaynath @arpiit @riashroff @saritaraichu @mehtaalok @mitul_am @SeekingN0rth @DeepikaDakuda @gauthamsiv @ray_elton99 @vikramg05

🚀 Quick Commerce Meets Parenthood: OZi Raises $6.2M (~₹54Cr) OZi (Fund V) has raised $6.2M in a new funding round, led by RTP Global. We participated in the round along with Huddle Ventures and Zeropearl VC. The round also saw participation from prominent angels. Founded by Amit Sah, OZi is a quick commerce platform purpose-built for baby and kids' products, designed to simplify how modern parents shop. With over 15,000 products across fashion, toys, nursing essentials, baby care, school supplies, pharmacy, and gifting — OZi operates 24x7, delivering within 60 minutes across Gurugram and Noida. @sajithpai (Sajith), Partner at Blume, says, "In under a year, OZi has gone from a blank sheet to a humming operation with a high-grade team, a robust warehouse backbone, and tightly run on-ground operations. We are impressed with how far OZi has come in such a short time and even more excited about the scale that lies ahead." "Convenience is not just about a ten-minute delivery. It is about finding the right product, at the right time, from a trusted brand, without compromise, all in one place. Scale will be the natural outcome of solving convenience consistently for young parents," said Amit Sah, Founder & CEO, OZi. The fresh capital will be used to deepen OZi's presence across NCR, strengthen brand and trust, invest in technology and operational capability, and expand its curated assortment. As dual-income households grow and parenting demands evolve, OZi is building the definitive destination for modern parents — one that brings convenience, curation, and trust together in a single platform. 📰 Read the full press release here: shorturl.at/Yt0dr @BKartRed @AshishFafadia @sajithpai @sanjaynath @arpiit @riashroff @saritaraichu @mehtaalok @mitul_am @SeekingN0rth @DeepikaDakuda @gauthamsiv @ray_elton99 @vikramg05

Where are markets heading as global capital flows evolve? At #IGFMumbai2026, The Capital Conversation hosted by Bharath Shivappa, President & Chief of Markets of @GIFTCity_, and @manojladwa, Chairman of India Global Forum, brought together leaders across venture capital, asset management and private banking to examine the forces shaping capital allocation. The dialogue included @BKartRed, Co-founder & Managing Partner at Blume Ventures; Girish Shivani, Managing Partner at YourNest VC; Niren Shah, Managing Director at Norwest Venture Partners; @mohanty_swarup, Vice Chairman & CEO at @MiraeAsset_IN; Harein Uppal, Head – Private Credit Investments at DMI Alternatives; Leena Walia Thomas, Executive Director at JM Financial Private Wealth Group; Shiv Sehgal, President & Head at Nuvama Capital Markets; Umang Papneja, CEO at @juliusbaer; @Shweta_S_Rajani, Associate Director – Product Research at @ARWealth; and @MrKrunalMehta, Founder & CEO, Mehta Wealth Ltd, exploring market dynamics and the evolving role of GIFT City in international finance. Join the conversation: indiaglobalforum.com/index.html #IGFMumbai2026 #CatalysingCapital #CapitalMarkets #GlobalCapitalFlows #IndiaGlobalForum

We are excited to lead BIDSO’s (Fund V) ₹63 crore round to make India the toy factory of the world. Until 2019, China supplied over 85% of India's toy imports. Then customs duty went from 20% to 70%, and quality controls tightened. As a result, India flipped from a net importer to a net exporter. At the same time, India’s $2B domestic toy market is now growing at 10%+ annually. But the supply side hasn't kept up. Most Indian manufacturers still use decades-old moulds, copy Chinese designs, and operate as basic OEMs with limited value addition. BIDSO is different. Founded by XLRI batchmates Vivek Singhal, Rahul Agarwal, and Aditya Krishnakumar, BIDSO doesn't just manufacture to spec. They design their own products as an ODM (Original Design Manufacturer), informed by marketplace data and global trends, and pitch them to brands. They've seen 12x revenue growth in the last 18 months. They hold character IP licenses for Hello Kitty, Peppa Pig, Harry Potter in India, and NASA globally. And they're already certified to global safety standards with international orders coming in. @sajithpai (Sajith), Partner at Blume Ventures, says: "After textiles, toys is shaping up to be one of the bigger beneficiaries of the China+1 shift, and BIDSO is one of the very few Indian manufacturers actually equipped to serve that demand today. Vivek, Rahul, and Aditya’s depth of customer insight, coupled with operating rigour, makes them amongst the best teams we have seen in manufacturing thus far. We are excited to partner with BIDSO and support them for the next phase of growth ahead." To read the full note on why we invested in BIDSO, click here: shorturl.at/EaVFx @BKartRed @AshishFafadia @sajithpai @sanjaynath @arpiit @riashroff @saritaraichu @mehtaalok @mitul_am @SeekingN0rth @DeepikaDakuda @gauthamsiv @ray_elton99 @vikramg05

For a growing economy like India, credit is oxygen. It's how a kirana store owner stocks up before Diwali and a first-generation buyer affords a home. Without access to affordable, timely credit, none of that happens. But India is still massively underpenetrated. Only 14% of MSMEs have formal credit access. Just 6% of adults hold a credit card. The infrastructure hasn't caught up. Data on informal cashflows barely exists, and the risk models most lenders rely on can't underwrite the borrowers who need credit most. That's changing, though. And fast. Charulika Raman and @udayanpandey (Udayan), from Blume’s Fintech investment team, spent months pulling apart how India's credit gap is evolving. The result is the Blume Credit Series: six chapters covering secured MSME lending, solar financing, affordable housing, supply chain finance, consumer credit, and unsecured MSME credit. Each chapter breaks down business models, regulations, where AI is being plugged in, and the specific gaps where new companies will get built. Read the full introduction here: blume.vc/reports/blume-… @BKartRed @AshishFafadia @sajithpai @sanjaynath @arpiit @riashroff @saritaraichu @mehtaalok @mitul_am @SeekingN0rth @DeepikaDakuda @gauthamsiv @ray_elton99 @vikramg05

@durjoy Ace babu कौन? क्या? कहाँ? (Kaun? Kya? Kahaan?)

@BKartRed old buddy from NYC (now in Mumbai) just pitched Blume, I hear about it in Boston. World getting smaller. Soon, our AI Agents will grab lunch together!

Powering the Deeptech Revolution in India @kpswathi (Swathi) of the @EconomicTimes spoke to @arpiit (Arpit), Partner at Blume Ventures, on how the government is building India's innovation ecosystem through strategic funding. The Government of India's Research, Development and Innovation (RDI) fund, with an outlay of ₹1 lakh crore, will function as a fund of funds to catalyse private investment in deeptech and R&D-focused startups over a six-year period. Arpit noted that the initiative could result in "manifold expansion in the number and quality of deeptech companies in India." Blume has applied for funding under the scheme to expand its footprint in the deeptech space. With over 100 VCs lining up and ₹1 lakh crore on the table, this move will create the financial infrastructure for a new era of Indian innovation. Check out the full image to know more. @BKartRed @AshishFafadia @sajithpai @sanjaynath @arpiit @riashroff @saritaraichu @mehtaalok @mitul_am @SeekingN0rth @DeepikaDakuda @gauthamsiv @ray_elton99 @vikramg05

Spotted some favs at the T1 bookstore! @arindam___paul @SeekingN0rth @sajithpai

@BlumeVentures @BKartRed 15 years of backing founders with conviction — this is what patient capital looks like. Blume has been one of the most consistent bets on Indian founders. Proud to follow this journey!

@shriramX7 @BlumeVentures 🤣😵‍💫😜 😴

@BlumeVentures @BKartRed Whenever I can’t sleep at night, I just play any solo video of Karthik. Within minutes, all my thoughts fade away and I’m peacefully asleep. Your voice is truly magical, Karthik

15 Blume Days. Hundreds of selfies. With founders, investors, kids, weddings, and pretty much every life milestone in between. @BKartRed (Karthik) recalls how each member of the Blume team turned the humble selfie into their own signature move: from Sanjay's WhatsApp CRM to Sajith's proof of being the perfect host. But behind the fun is a belief Karthik has held since his very first podcast appearance a decade ago: "The most untrue sentence in life is, it's just business, nothing personal." In venture, everything is about people. Everything is personal. The business is just a beautiful side-effect of great relationships. This selfie reel tells the story better than words ever could. Click here for the full post: shorturl.at/XB9EM @BKartRed @AshishFafadia @sajithpai @sanjaynath @arpiit @riashroff @saritaraichu @mehtaalok @mitul_am @SeekingN0rth @DeepikaDakuda @gauthamsiv @ray_elton99 @vikramg05