Aroa Venture Partners has secured a substantial capital commitment of Rs 40 crore ($4.8 million) from the Small Industries Development Bank of India (SIDBI) and the Uttar Pradesh Government’s UP Startup Fund. This investment, drawn from the Government of India’s Fund of Funds for Startups, underscores the growing support from government initiatives for promising venture funds.
In a significant development, Aroa Venture has appointed Sekhar Puli as a general and managing partner. Puli brings extensive experience as a former entrepreneur who sold REAN Cloud to Hitachi Vantara in 2018 and as an investor with BV Investment Partners in the United States.
Founded in 2020 by Gaurav Gulati, Aroa Venture Partners focuses on early and growth-stage investments across diverse sectors. Initially backed by RACo Holding Company—owned by Oyo’s founder Ritesh Agarwal—the firm has already allocated Rs 100 crore to 36 startups, including notable names like CRED, MPL, and Magicpin.
As a Category-II Alternative Investment Fund (AIF), Aroa Venture claims commitments exceeding Rs 400 crore ($48 million) from family offices and institutions. The firm aims to achieve its final close by the end of the current fiscal year, March 2025.
