Investment firm Bay Capital Partners has appointed Sandeep Barasia (former Delhivery CBO) and Tej Kapoor (former IvyCap Ventures MD) as partners to helm its soon-to-be-launched digital fund.
The Category II AIF, ‘Digital Opportunities Fund’, will focus on investing across both public and private sectors. With this fund, Bay Capital is looking to back 10-15 companies. However, the firm did not disclose the target corpus for the fund.
Kapoor and Barasia will serve as the cofounders of the fund.
Kapoor brings over two decades of experience in investing and tech companies. Prior to joining Bay Capital, he was the partner and director at ICICI Ventures. He was also on the board of multiple companies like Delhivery, ixigo, Kissht, Mylo, Celsius, among others.
Meanwhile, Barasia has over 25 years of experience across strategy, operations, and business development. He served as a partner of Bain & Company during his 13-year-stint at the investment firm. He also served as an advisory board member at Bay Capital Partners earlier.
Originally based in Mauritius, Bay Capital Partners has offices across London and Mumbai. It claims to have invested $1.2 Bn to date. The firm counts Policybazaar, Lenskart, CarTrade Tech, and ixigo among its notable portfolio entities.
The development comes at a time when investors continue to remain bullish on Indian startups and are launching new funds to back them. Earlier today, PE firm TR Capital committed to invest $1 Bn in India via secondaries over the next five years. The firm also appointed Umang Agarwal as its India MD.
As per Inc42’s Annual Indian Startup Trend Report, 2025, the startup ecosystem saw a 56% YoY growth in new fund announcements. Funds worth $13.6 Bn were launched in 2025 as against $8.7 Bn in 2024 and $5.6 Bn in 2023. Accel, A91 Partners, Nexus Venture Partners, and Quadria Capital were among the firms which launched new funds.
The first quarter of 2026 saw firms like Spring Marketing Capital, Info Edge, ValleyNXT, and 360 One Asset launch new funds to bet on India’s growing tech startups. Many VCs like Celesta Capital and Speciale Invest are in the process of launching new funds.
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