Jungle Ventures, a venture capital firm targeting India and Southeast Asia, expects to exit 8–10 portfolio companies over the next 12-18 months, with half of those deals anticipated in India, according to a company executive.
“The next 18 months are going to be big in terms of exits for us. The companies have matured, founders have done well,” Arpit Beri managing partner, India at Jungle Ventures, told Mint in an interview. “Exits are likely to happen from across our funds—some may be from our second fund, some from our fourth one.” Beri handles the firm's growth investments out of India.
One of its portfolio companies, insurance distribution platform Turtlemint, received approval from the Securities and Exchange Board of India in December 2025 to raise up to ₹2,000 crore through the public markets. Meanwhile, consumer electronics manufacturer Atomberg is preparing for an IPO from which it will look to raise up to ₹2,000 crore, and is in the process of appointing investment banking firms.
Other portfolio companies, such as manufacturing, repair and operating supplies procurement provider Moglix, interior design platform Livspace, and Indonesia-based fintech unicorn Kredivo Group have achieved scale as well.
Moglix's operating revenue stood at $681 million in FY25, while losses stood at $11.3 million, according to Tracxn data. Livspace's FY25 revenue was around $164.4 million, with losses of $14.8 million.
Kredivo recently raised more than $100 million in a fresh round of funding with a significant secondary component, according to DealStreetAsia. The raise was to allow early backers such as Jungle Ventures, Alpha JWC Ventures, and MDI Ventures to sell part of their stakes and gain liquidity.
Others have fared less well. Livspace laid off about 1,000 employees in February as it looked to become an AI-native company. Separately, company co-founder Saurabh Jain also left the firm.
“A few of our companies are in late-stage discussions to be acquired,” said Beri, declining to name specific companies. “However, what I can say is that we're not dependent on one company to be a big hit to return a fund. We've been able to produce enough and more good outcomes from our previous exits.”
Jungle Ventures’ track record in India includes several high-profile exits, such as the 2020 sale of mobile advertising platform Pokkt to Anymind Group and the 2015 acquisition of call-marketing startup Zipdial by Twitter. The firm also secured an exit from consumer credit platform PaySense in 2020 through a deal provided by Naspers (Prosus).
The firm writes cheques from the very early stage to early growth stages. Seed cheques range from $1-5 million, while Series A cheques are $3-10 million, and Series B and beyond are $10-20 million.
IPO market cools
These anticipated exits arrive as India’s IPO market has cooled considerably from the record-breaking frenzy seen two years ago. Amid the ongoing Middle East conflict, several firms have either deferred their public listings due to market volatility or allowed their regulatory approvals from Sebi to lapse.
Fintech major PhonePe put its IPO plans on hold in March, citing market volatility and unstable geopolitical conditions, while others such as SMPP, Varindera Constructions and Kumar Arch Tech let their IPO approvals lapse.
However, Beri said the firm wasn’t too worried about the current volatility and that it was likely to only have a temporary impact on valuations. “We've seen that the right, reasonable valuations come over time. Temporary corrections can happen; they're already happening.”
Fund V
Jungle Ventures is currently wrapping up its investments from its $500-million fourth fund. It has begun investing from its fifth fund, but declined to provide details on the size of the fund, citing regulations in the US.
While it doesn't have an India-focused investment vehicle, it has a thesis for the Indian market, with a focus on fintech for tier 2+ markets, consumer tech and brands, and deeptech.
The firm's focus in fintech spans payments, lending, insurance, wealth management and brokerage services. “These are services which are required by the entire population, not just one part of society,” said Beri. “The first generation of business models catered to the top tier. The second generation of business models will serve everyone else.” Jungle Ventures also remains bullish on consumer brands, and is scouting for companies that can master product distribution while maintaining long-term market relevance, he added.
In the deeptech sector, early successes like Aequs and SEDEMAC have spurred a rise in talent density, according to Beri. Veterans from these pioneering firms are now branching out to launch their own startups, fueling a new wave of innovation. “These are people we'll see creating their own IP-led businesses. They could come into traditional sectors like apparel. There's always a wedge.”
The firm is particularly bullish on deeptech companies that develop electric vehicle components or use proprietary intellectual property to reinvent manufacturing processes. However, with deeptech, Jungle Ventures prefers to enter at the growth stage—Series B and beyond—preferring to invest once a company has moved past the R&D phase and achieved commercial viability. “We want to come in at a point where we can help expand nationally and internationally as well,” Beri said.
