Expert Dojo, a Southern California-based early-stage venture capital (VC) firm, has launched a $100 million global fund, earmarking $15 million for early-stage startups in India. The fund will operate through a Category II Alternative Investment Fund (AIF) structure registered in India, allowing the VC firm to act as a local investor and sidestep compliance challenges typically faced by foreign investors.
“We’ve made close to 30 investments in India already, and globally, we’ve backed nearly 100 companies with Indian founders,” said Brian Mac Mahon, founder and managing partner at Expert Dojo, at a launch event on Friday. “While the $15 million fund is only the beginning, we see India becoming our biggest market.”
Expert Dojo’s playbook is to invest up to $100,000 in 20-25 startups in the current financial year, followed by potential follow-on rounds of up to $1 million for startups that meet key growth milestones in the next three years. Over the next 2-3 years, the fund plans to invest an additional $30 million in Indian startups.
The firm, led in India by general partner Ashutosh Kumar Jha, is targeting sectors such as artificial intelligence, deep tech, cybersecurity, fintech, and enterprise SaaS. “We’ll work with founders over three years with marketing, growth, and scale support,” Mac Mahon added.
Expert Dojo has previously invested in startups such as IPO-bound Bhive Worlspace, Cloudworx, Consuma, Mugafi, Fudr, and Doqfy, among others. “Indian founders are the most serious founders in the world, period. Every year, tens of thousands graduate from IITs, and many who’ve gone abroad return with diverse experiences,” he said. In the US, the firm has invested in over 300 startups.
The move to register a domestic fund in India is also aimed at simplifying capital flows and allowing Indian LPs to participate more easily. “While dollar-in has always been easy, dollar-out remains tricky. A local fund allows us more flexibility and makes us more competitive,” said Jha.
Mac Mahon believes India’s strength lies in its deep talent pool. The fund plans to scale its India presence significantly in the coming years. “We’re not here to be the number one VC,” Mac Mahon said. “We’re here to be a great VC that helps Indian founders build world-class, lovable products.”
