PixelSky Capital Marks First Close Of Secondary Fund At INR 150 Cr

Days after launching its maiden INR 400 Cr secondary fund, IndigoEdge-backed PixelSky Capital has raised INR 150 Cr in the investment vehicle’s first close.

Hitesh Ahuja, the cofounder of PixelSky, took to his LinkedIn handle to confirm the development. 

“Our secondaries investment firm has got commitments of INR 150 Cr ($17 Mn) in our maiden fund and marching towards INR 400 Cr target ($ 46Mn) in the coming quarters,” Ahuja said in his post.

ET reported the development first.

The fund will focus on late stage tech and consumer companies, which are expected to go public in the next three to four years. It plans to back eight companies in total, writing cheques of INR 40-50 Cr each.

Notably, PixelSky has already invested in beauty platform Purplle and logistics unicorn Porter.

As per several reports, the fund’s founders have already infused INR 10-15 Cr in PixelSky. Additionally, the fund is eyeing investments from domestic family offices and startup founders. Its final close is expected by March 2026. 

Founded in 2024 by Ahuja and investment bank IndigoEdge, PixelSky Capital is a secondary fund investing in late-stage technology and consumer-based companies. The fund is targeting to back the companies which are looking to hit the public market in the next 4 years.

IndigoEdge cofounder Zehrin Rahiman serves as the managing partner at PixelSky Capital.

On the other hand, Ahuja also founded cloud kitchen brand Yumlane in 2016, which was later acquired by Curefoods in 2023. 

India’s Growing Appetite For Secondary Fund Deals

PixelSky’s launch of its secondary fund aligns with the growing trend of Indian investors leaning towards late-stage bets.

With mature operations and well-defined goals, late-stage ventures offer investors a more transparent picture and higher chances of substantial benefits.

Late-stage startups often seek liquidity through initial public offerings (IPOs) or acquisitions, creating more exit opportunities for investors with higher returns and shorter holding timelines. Therefore, the Indian startup ecosystem is increasingly witnessing the emergence of several secondary funds.

For instance, Mumbai-based VC firm White Whale Ventures is rolling out its secondary deals-focussed fund with a total target corpus of INR 250 Cr, along with a greenshoe option of INR 250 Cr.

Earlier this month, Neo Group’s asset management arm Neo Asset Management marked the first close of its INR 2,000 Cr secondaries PE fund at INR 750 Cr to back 12-15 startups across six sectors.

As per ‘The Pulse Of Tech: Inc42’s Annual Founder Survey’, 60% of the 100+ founders said that investor interest in secondary transactions “increased” in 2024. 

Another Inc42 report claims that Indian VCs launched 23 funds totalling over $3.2 Bn in the first three months of 2025.