Whiteboard Capital

Whiteboard Capital is an early-stage venture capital firm based in Mumbai, India, founded in 2017 by Sandeep Tandon, co-founder of Freecharge, and Anshu Prasher. The firm adopts a sector-agnostic investment approach, focusing on consumer, financial services, and healthcare sectors. Whiteboard Capital differentiates itself by combining the roles of an incubator and an early-stage fund, deploying its operating team to work closely with portfolio companies in areas such as operations, data analytics, and technology. This hands-on approach aims to transform bold ideas into thriving businesses.

In August 2024, Whiteboard Capital successfully closed its second fund at ₹300 crore (approximately $40 million), doubling its initial target of ₹150 crore. The firm plans to invest in approximately 50 companies, with a significant focus on follow-on investments within its existing portfolio. Notable investments include fintech companies like CRED, Jupiter, and Dezerv, as well as consumer brands such as Damensch and NatHabit. The firm has also ventured into the cryptocurrency space, investing in projects like Crypso and Nume Crypto. Whiteboard Capital's commitment to excellence and its unique investment philosophy have established it as a prominent player in the Indian venture capital landscape.

Whiteboard Capital's investment strategy involves backing founders even before their business plans are fully developed, helping them refine their products and strategies. This early-stage approach allows Whiteboard to invest at lower enterprise valuations, often when startups are less than two months old or not yet incorporated. The firm categorizes its portfolio investments into two types: core and non-core companies. For its second fund, core companies are defined as those where the firm holds more than a 7.5% ownership stake and has invested over $200,000. This strategy aligns with a broader trend among early-stage investors that are raising larger funds to focus on follow-on investments, gaining deeper involvement in the portfolio companies.