Former COO of BharatPe Dhruv Dhanraj Bahl Launches Venture Capital Fund – Eternal Capital

Dhruv Dhanraj Bahl Launches Venture Capital Fund - Eternal Capital
Dhruv Dhanraj Bahl Launches Venture Capital Fund – Eternal Capital

In a significant move in the Indian startup ecosystem, Dhruv Dhanraj Bahl, the former Chief Operating Officer (COO) of BharatPe, has founded his maiden venture capital fund, Eternal Capital. With an initial capital aim of Rs 120 crore and a potential extension up to Rs 240 crore through a green shoe option, Eternal Capital is set to make a notable impact in the venture funding landscape.

Founded in October 2023, Eternal Capital marks Dhruv Dhanraj Bahl’s entry into the venture capital world following his departure from BharatPe in August of the previous year. The new fund is designed to be sector-agnostic, indicating its openness to invest across a broad range of industries. Dhruv’s strategy involves concentrating on early-stage investments, particularly targeting startups from the seed to pre-Series A stages. The fund aims to support as many as 40 startups over the next three years.

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Strong Backing from Industry Leaders

Eternal Capital has successfully garnered attention and secured commitments from a host of influential figures within the startup community. These include Suhail Sameer, former CEO of BharatPe; Deep Kalra, the founder of MakeMyTrip; and Tarun Mathur, co-founder of PolicyBazaar, among others. Such endorsements not only boost the fund’s credibility but also enrich its network and resources, potentially increasing the value it can offer to prospective portfolio companies.

Operator-Led Approach: A Competitive Advantage

Dhruv brings a wealth of experience from his previous roles, not just at BharatPe, but also from his tenure at other significant organizations like Airtel Payments Bank, Paytm, and Fortis Healthcare. As an angel investor, he has contributed to the growth of startups like Stupa Sports Analytics and Basic Home Loans.

In launching Eternal Capital, Dhruv emphasizes the benefits of an operator-led fund. According to him, such funds typically outperform their more traditional peers due to their ability to “connect easily, engage deeply, and add incremental value to the founders and the ventures they back.” This hands-on approach is intended to make Eternal Capital a preferred choice for founders seeking not just financial backing but also strategic support.

Innovating the Funding Model

Notably, Eternal Capital proposes to deviate from the standard venture capital funding model, which traditionally consists of a 2% management fee and a 20% performance fee (the 2/20 model). Instead, it offers a 50% discount on these rates, which could significantly lower the cost barrier for startups, making venture capital more accessible and appealing to emerging companies.


The launch of Eternal Capital is a promising development for the Indian startup ecosystem, bringing a fresh perspective and a new funding avenue for young companies. With its innovative funding structure and the strong leadership of Dhruv Dhanraj Bahl, the fund is well-positioned to be a catalyst for new ventures, fostering growth and innovation in the region. As it begins its journey, the industry watches closely, anticipating the kind of disruptive impact Eternal Capital might deliver in the dynamic landscape of venture capital

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