3one4 Capital

𝗧𝗵𝗲 𝟯𝗼𝗻𝗲𝟰 𝗦𝘂𝗺𝗺𝗶𝘁 𝟮𝟬𝟮𝟲 𝗱𝗿𝗲𝘄 𝘁𝗼 𝗮 𝗰𝗹𝗼𝘀𝗲 𝗮𝗳𝘁𝗲𝗿 𝗮 𝗱𝗮𝘆 𝗼𝗳 𝗺𝗲𝗮𝗻𝗶𝗻𝗴𝗳𝘂𝗹 𝗱𝗶𝗮𝗹𝗼𝗴𝘂𝗲 𝘄𝗶𝘁𝗵 𝘀𝗼𝗺𝗲 𝗼𝗳 𝗜𝗻𝗱𝗶𝗮'𝘀 𝗺𝗼𝘀𝘁 𝗱𝗶𝘀𝘁𝗶𝗻𝗴𝘂𝗶𝘀𝗵𝗲𝗱 𝗲𝗰𝗼𝗻𝗼𝗺𝗶𝘀𝘁𝘀, 𝘁𝗲𝗰𝗵𝗻𝗼𝗹𝗼𝗴𝗶𝘀𝘁𝘀, 𝗮𝗻𝗱 𝗶𝗻𝘀𝘁𝗶𝘁𝘂𝘁𝗶𝗼𝗻 𝗯𝘂𝗶𝗹𝗱𝗲𝗿𝘀, 𝗲𝗮𝗰𝗵 𝗯𝗿𝗶𝗻𝗴𝗶𝗻𝗴 𝗱𝗲𝗽𝘁𝗵 𝗮𝗻𝗱 𝗲𝘅𝗽𝗲𝗿𝗶𝗲𝗻𝗰𝗲 𝘁𝗼 𝘁𝗵𝗲 𝗿𝗼𝗼𝗺. The 10th edition honored our ethos of building together and the discipline that has shaped our first decade. 🤝 We had the privilege of bringing together 300+ investors, founders, and partners, marking 10 years of 3one4 Capital. Across sessions, we heard from practitioners building India’s digital infrastructure, from institutions shaping enterprise and consumer behaviour, and from founders scaling high‑trust systems in finance and technology. The conversations cut through noise and focused on the forces shaping India’s next decade. 🔍🇮🇳 We are fortunate to work alongside LPs whose early conviction set the standard we hold ourselves to, founders whose resilience and ambition have built enduring institutions, and partners who continue to strengthen this community. The next chapter of Indian innovation will be shaped by 𝗱𝗶𝘀𝗰𝗶𝗽𝗹𝗶𝗻𝗲𝗱 𝗲𝘅𝗲𝗰𝘂𝘁𝗶𝗼𝗻, 𝗰𝗹𝗮𝗿𝗶𝘁𝘆 𝗼𝗳 𝗽𝘂𝗿𝗽𝗼𝘀𝗲, 𝗮𝗻𝗱 𝗮 𝗿𝗲𝘀𝗽𝗼𝗻𝘀𝗶𝗯𝗶𝗹𝗶𝘁𝘆 𝘁𝗼 𝘀𝘁𝗲𝘄𝗮𝗿𝗱 𝗹𝗼𝗻𝗴‐𝘁𝗲𝗿𝗺 𝗼𝘂𝘁𝗰𝗼𝗺𝗲𝘀. 🔧📈 We are grateful to every participant who brought insight, candour, and ambition to the room. Thank you for your time and your belief in the road ahead. 𝗛𝗲𝗿𝗲’𝘀 𝘁𝗼 𝘁𝗵𝗲 𝗻𝗲𝘅𝘁 𝗱𝗲𝗰𝗮𝗱𝗲 𝗼𝗳 𝗯𝘂𝗶𝗹𝗱𝗶𝗻𝗴 𝘁𝗼𝗴𝗲𝘁𝗵𝗲𝗿! 🚀 #3one4Summit #3one4Summit2026 #3one4Capital #10Yearsof3one4Capital #IndiaGoesGlobal @kris_sg | @bhavtoshontech | @sanjeevsanyal | @EACtoPM | @TVMohandasPai | @Pai_dPiper | @SiddarthMPai | @anuragwho | @nruthya7 | @idaboitlung | @unaccompanied_p | @monica_umesh

Building India's First Vertically Integrated GaN Semiconductor Platform for Advanced Radio Frequency and Power Electronics Applications: 3one4capital.com/blogs/agnit-se…

AGNIT Semiconductors was founded in 2019, carrying over 15 years of gallium nitride research at @iiscbangalore, more than a dozen licensed patents, and access to fabrication infrastructure that the institute took over a decade to build. @caleb_friesen at @RuntimeBRT recently captured this journey in detail. The company's approach is to own the fully integrated GaN stack covering epiwafers, finished RF components, and power amplifier modules. Currently, they have three RF products in pilots for Indian strategic customers, with commercial shipments targeted for 2027. GaN is the material that 5G infrastructure and EV powertrains are increasingly being built around, and India today imports almost all of it. AGNIT is building methodically toward a position where that dependence becomes smaller over time. The right benchmark is where India's domestic GaN capability stood five years ago, and by that measure, the progress is real. @MayankIISc

We map where these dynamics are concentrating in our 𝘐𝘯𝘥𝘪𝘢 𝘊𝘰𝘯𝘴𝘶𝘮𝘱𝘵𝘪𝘰𝘯 𝘙𝘦𝘱𝘰𝘳𝘵 🔗 3one4capital.com/reports

India's online consumer market has crossed ₹170B across apparel, footwear, accessories, beauty, media, and grocery. What ties this shift together is the affluent urban consumer who has developed preferences that are specific, consistent, and hard to dislodge once a brand earns trust. Q-commerce and food delivery have built daily habit loops pulling premium products into daily consideration. Meanwhile, regional short-video is collapsing discovery into purchase, at a scale and speed that traditional performance marketing could not match. The window to build category-defining brands in this market is open, and the founders who understand the habit and identity mechanics behind these shifts will have a durable advantage.

A milestone evening for 3one4 Capital as we won three awards 🏆at the @winpeforum Leadership Summit 2026, March 31. @nruthya7, who has been a driving force in shaping 3one4's approach to investments and people, was named 𝗩𝗲𝗻𝘁𝘂𝗿𝗲 𝗖𝗮𝗽𝗶𝘁𝗮𝗹 𝗟𝗲𝗮𝗱𝗲𝗿 𝗼𝗳 𝘁𝗵𝗲 𝗬𝗲𝗮𝗿. The recognition reflects the thoughtfulness and conviction she brings to every decision at 3one4. Our investment in @rforrabbitbaby won 𝗗𝗲𝗮𝗹 𝗼𝗳 𝘁𝗵𝗲 𝗬𝗲𝗮𝗿, a company we backed because we believed the founders were solving a real problem for Indian parents and doing it with genuine integrity. And 3one4 Capital won 𝗙𝗶𝗿𝗺 𝗼𝗳 𝘁𝗵𝗲 𝗬𝗲𝗮𝗿 𝗶𝗻 𝗩𝗲𝗻𝘁𝘂𝗿𝗲 𝗖𝗮𝗽𝗶𝘁𝗮𝗹, an acknowledgement of the culture we've been working to build alongside the returns we've been delivering. The WinPE awards recognise firms that treat inclusion as a practice, and winning across these VC categories tells us we're building something that holds up under that lens. Thank you to @winpeforum for the recognition and for creating a platform that takes both performance and inclusion seriously. We're proud of this sweep, and even prouder of the work that made it possible. 🙌 @nupurgarg_winpe @anjalisosale @mkheterpal

Secure your spot → luma.com/negaaeux

Exit readiness and capital structure are decisions most AI founders engage with, but the cost of delaying them rarely becomes visible until the most consequential points in a company's journey. On April 14 in Bengaluru, 3one4 Capital and Bloomtree Advisors will convene 𝗔𝗜 𝗨𝗻𝗱𝗲𝗿 𝗧𝗵𝗲 𝗠𝗶𝗰𝗿𝗼𝘀𝗰𝗼𝗽𝗲, an invite-only evening built around what building and backing AI companies actually demands. @SiddarthMPai will lead the fireside discussion, bringing a perspective shaped by years at the intersection of India's alternative investment ecosystem, regulatory affairs, and the structural decisions that define how high-growth companies are built and exited. Register for an evening that goes beyond the surface. @Aduge_Batta

India is now the sixth-largest robot installer in the world, with startup funding in the sector more than quadrupling between 2022 and 2024 to reach $117M. In this edition of 𝘚𝘪𝘨𝘯𝘢𝘭𝘴, @Pai_dPiper and Ragini Laskar examine how converging forces across hardware costs, AI-driven orchestration, and RaaS business models are opening India's robotics market to a new generation of founders. The scale of the opportunity is visible in how quickly the landscape has moved. ➤ India recorded 9,120 robot installations in 2024, the fastest growth of any country globally 📈 ➤ India operates at 7 robots per 10,000 manufacturing workers, against a global average of 141 🤖 ➤ Hardware costs have fallen nearly 25% over the last decade 🔧 RaaS pricing, centralised fleet orchestration, and simulation-based training have together made automation viable in industries that were previously out of reach. For India, the constraint-driven manufacturing environment is not a limitation to work around but the exact training ground for building robotics platforms that can scale globally. Read the full blog for a deeper dive into how India's robotics moment is unfolding: 3one4capital.com/blogs/automati…

Register today 🔗 luma.com/negaaeux

AI companies are being built at a pace that has outrun the frameworks most founders use to evaluate their own capital and exit decisions. The diligence conversations, the valuation benchmarks, and the questions strategic buyers are asking today look very different from what the broader narrative suggests. 3one4 Capital and Bloomtree Advisors are convening a curated group of founders, investors, and operators for 𝗔𝗜 𝗨𝗻𝗱𝗲𝗿 𝗧𝗵𝗲 𝗠𝗶𝗰𝗿𝗼𝘀𝗰𝗼𝗽𝗲, a closed-door evening in Bengaluru. The session opens with a keynote by @Pai_dPiper, grounding the conversation with rare depth and perspective on how capital conviction is being formed and allocated in AI today. If you build or back AI companies and are navigating these decisions, this is the room for it. 🎟️ Join us in Bengaluru on April 14 for an evening of ideas and exchange. @Aduge_Batta

This is one of the most fascinating chats that I’ve come across recently! how ramp customers with and without ai spends have grown! Indian incumbents need to really ramp up their AI exposure and not wait a decade to build a AI transformation IT team otherwise they’ll all fall behind at a very scary pace! @TVMohandasPai @ashishchauhan @3one4Capital @harshmadhusudan

𝗜𝗻𝗱𝗶𝗮'𝘀 𝟮𝟬 𝗠𝗼𝘀𝘁 𝗜𝗻𝗳𝗹𝘂𝗲𝗻𝘁𝗶𝗮𝗹 𝗟𝗲𝗮𝗱𝗲𝗿𝘀 𝗶𝗻 𝗦𝗼𝗰𝗶𝗮𝗹 𝗠𝗲𝗱𝗶𝗮 𝗧𝗲𝗰𝗵 by @IStartupTimes celebrates the founders shaping how Bharat engages, creates, and transacts online. We are proud to see @Janilokal (@getlokalapp) and Vinod Kumar Meena (@KukuFMOfficial) recognised this year. 🚀 The list honours founders building with vision, courage, perseverance, and a deep understanding of users across India. Here's to building for Bharat, and to progress that compounds. 🙌

Explore how discretionary premiumisation is reshaping the retail wallet in our 𝘐𝘯𝘥𝘪𝘢 𝘊𝘰𝘯𝘴𝘶𝘮𝘱𝘵𝘪𝘰𝘯 𝘙𝘦𝘱𝘰𝘳𝘵: 3one4capital.com/reports

India's retail consumer is moving up the value chain, with discretionary spending growing at 9–11% annually, compared with 6–8% for essentials, on track to account for 58% of the retail wallet by 2030. This shift is as pronounced in Tier 2 cities and rural markets as it is in metros. FMCG and apparel together hold two-thirds of discretionary wallet share, but home and furnishings is the one to watch, compounding at 10–12% as consumers trade up on quality and design for the first time. The entry-premium segment accounts for most of this volume and continues to gain share. Brands that deliver on quality, convenience, and trust in these categories are positioned to compound significantly faster than GDP.

Over the past decade, systematic investment plans have brought millions of Indian retail investors into equity markets, and the resilience of that participation during market volatility has become one of the more encouraging features of India's financial landscape. That resilience is now being tested by sustained foreign institutional selling, and the tools Indian companies have to support prices under that pressure have become a more consequential question than they might ordinarily seem. Share buybacks are the standard mechanism through which boards in most major economies manage surplus capital and support stock prices. Indian regulations have historically limited open-market buybacks specifically, and the tax framework being introduced on April 1 adds further complexity to tender-offer buybacks, the existing alternative, with the tax treatment varying based on the size of a shareholder's stake in the company. @TVMohandasPai and @SiddarthMPai examine how India's buyback regulations compare to global standards and what the April 1 changes mean in practice. 👇 moneycontrol.com/news/opinion/u…

Our 𝘉𝘦𝘯𝘨𝘢𝘭𝘶𝘳𝘶 𝘐𝘯𝘯𝘰𝘷𝘢𝘵𝘪𝘰𝘯 𝘙𝘦𝘱𝘰𝘳𝘵 2025, launched at the 28th @blrtechsummit, documents this shift in full: 3one4capital.com/reports

Bengaluru startups have raised $79 billion since 2010, accounting for 46% of all venture capital deployed in the country. The city is now the 5th largest unicorn hub in the world, with 53 unicorns valued at $192 billion and 183 companies already past the $100 million mark. It ranked 14th in the Global Startup Ecosystem Report 2025 and 5th among AI cities globally, with companies reaching unicorn status here in an average of six years. However, the more important shift is in what is being built. Bengaluru now accounts for over 40% of India's biotechnology companies, hosts more than 350,000 professionals in chip design and embedded systems, and attracts 58% of all AI startup funding in the country. What the data points to is a city that has moved beyond software services into semiconductor design, space technology, biotech, and applied AI, supported by 16 Centers of Excellence that have backed over 1,000 startups. At 3one4 Capital, we believe the most consequential companies out of Bengaluru are still being built. @Govt_Karnataka @karnatakadem @Startup_Kar @KtechiH