WEH Ventures marks first close of ₹250 crore Fund III
Kalpana Maurya
1 Oct 2026 · 3 min read
Mumbai-based seed investor WEH Ventures has announced the first close of its third fund, which targets a ₹250 crore corpus for 20 to 25 early-stage startups. The firm, run by Deepak Gupta and Rohit Krishna, says it is moving more of its bets from software into the physical economy.
WEH Ventures, a seed-stage venture capital firm, announced on 29 September 2026 the first close of Fund III, a vehicle with a target corpus of ₹250 crore that will back 20 to 25 early-stage Indian startups. The firm did not disclose how much it raised in the first close and expects to reach a final close by mid-2027.
Fund III has already begun investing, with eight commitments made across advanced agriculture, robotics, healthcare diagnostics, retail and edtech.
Who invested in Fund III
The first close drew money from family offices, founders who have exited their companies, and senior corporate and technology executives. Named backers include Play Capital, a Nordic fund of funds, and family offices Eraya, Twin & Bull Investments and Heritage Investments.
StartupTalky reported that the exited founders include those from Oziva, and that senior operators from companies such as Thermax and Lenovo also invested. Play Capital is the only institutional fund-of-funds investor that has been named.
Where the money will go
WEH Ventures plans to invest across advanced manufacturing, agriculture, energy transition, artificial intelligence, healthcare, consumer and fintech. Investments disclosed so far include Fragaria in advanced horticulture, Praan Health in fitness services and health products, and PlayBlue in sports retail. One Fund III company has already raised a follow-on round at a higher valuation, the firm said.
General partner Rohit Krishna told StartupTalky the shift is deliberate: "most of our investments have moved from software into the physical economy." Co-founder Deepak Gupta said the fund lets the firm take part in that wider opportunity while staying disciplined on stage and founder selection.
Track record
WEH launched its first fund in 2017 and its second in 2020. The firm says Fund I has returned 1.4 times its capital and Fund II has returned capital through one exit. Since 2017 it has invested in more than 30 companies, including smallcase, Jar, Pratilipi, Animall, AppsForBharat, Unbox Robotics and Mitigata.
StartupTalky reported that Fund I was ₹20 crore in size and that WEH exited smallcase at its $50 million Series D in March 2025, an exit the firm said delivered a 38% IRR and on its own returned the whole of Fund I. Fund II, a 2020 vintage, had a ₹100 crore target.
About WEH Ventures
WEH Ventures was set up in 2017 by Deepak Gupta and Rohit Krishna, who earlier worked together at Equity Crest, a platform Gupta founded to help startups raise seed capital, according to a KrASIA interview with Krishna. Gupta previously worked with Intel Capital, and Krishna began as an investment banker at Spark Capital. The firm is based in Mumbai.
Key facts
- Fund: WEH Ventures Fund III
- Target corpus: ₹250 crore
- First close amount: not disclosed
- Final close expected: mid-2027
- Portfolio target: 20-25 early-stage Indian startups
- Commitments so far: eight, including Fragaria, Praan Health and PlayBlue
- Backers: Play Capital, Eraya, Twin & Bull Investments, Heritage Investments, exited founders and executives
- General partners: Deepak Gupta, Rohit Krishna
- Announced: 29 September 2026
Frequently asked questions
How big is WEH Ventures Fund III?
It targets a corpus of ₹250 crore. The amount raised at first close was not disclosed, and the final close is expected by mid-2027.
Who runs WEH Ventures?
Deepak Gupta and Rohit Krishna, who set up the seed-stage firm in 2017.
Which startups has Fund III backed?
Disclosed investments include Fragaria, Praan Health and PlayBlue, among eight commitments made so far.
Who invested in Fund III?
Nordic fund of funds Play Capital, family offices Eraya, Twin & Bull Investments and Heritage Investments, plus exited founders and senior executives.
