Growth stage investments-focussed VC fund Playbook Partners, founded by former Jio vice president Vikas Choudhury, has already made two investments in 2026 — an INR100 Cr infusion into a foodtech firm and another co-investment into an AI startup with a deal size of $15-20 Mn.

The VC firm is looking to close seven to eight growth stage deals, in a mix of primary and secondary infusions, in the consumer tech, SaaS, and AI segments in 2026.

With a fund corpus of $250 Mn and a first close of $130 Mn, the VC firm has built an impressive portfolio that includes Curefoods, Renee Cosmetics, Exotel, InMobi, Fractal, Rapido and Myntra, among others.

The fund positions itself in the post-VC, pre-PE stage, supporting founders who prefer independence and public markets over large, control-driven private equity deals. Also, while not a pre-IPO fund, Playbook invests in IPO-bound firms and retains significant post-listing stakes, betting on long-term value rather than quick exits.

The VC firm counts Aakash Chaudry of Aakash Educational Services, Manish Choksi of Asian Paints, and Milan Sheth, Partner at EY, as operating partners. Its advisors include InMobi’s Naveen Tewari and Nazara’s CEO Nitish Mittersain.

“We only do growth capital… Series C, D and E — companies that are doing around $50 Mn in revenue, are turning profitable and have a three-year path to IPO,” Choudhury said.

Explaining the fund thesis, he said that there are somewhere between 100 and 200 real growth deals happening in the country in any given year, with fewer than 50 companies raising capital.

“Our fund thesis is to invest in 12 to 15 such growth companies over a three-year horizon.”

Playbook’s differentiation, he added, lies in its operating experience. “Six of us have built billion-dollar businesses. The market is increasingly moving towards entrepreneur-driven funds with operating depth.”

While Playbook was earlier targeting 15-20 investments annually, Chaudhury says the firm’s approach is more selective now. Deal sizes typically land in the $15-20 Mn range, structured through a mix of........

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