@dhirendranm and Anand didn't just build a business, they built trust, at scale, in a country where that's genuinely hard. Through every evolution, every regulatory intervention, they stayed honest, stayed focused and somehow stayed sane. Blume has had a front-row seat for all eleven years, the near-misses, the quiet compounding that eventually became impossible to ignore and the countless conversations where these two somehow made you believe that yes, this time, insurance distribution was going to be exciting. And eventually, they were right. We're proud, we're grateful and having participated in every round that company has raised thus far, highly eager for this to grow to its true potential. @helloturtlemint @BKartRed @AshishFafadia @arpiit @sanjaynath @sajithpai @vikramg05 @mitul_am @mehtaalok @saritaraichu @riashroff @gauthamsiv @RinushreeS

Blume Day is here! 🎉 15 years of backing founders with outsized ambition. Follow along for updates throughout the day 🧵 #BlumeDay2026 #TheOrbitsAreShifting @BKartRed @AshishFafadia @sajithpai @sanjaynath @arpiit @riashroff @saritaraichu @mehtaalok @mitul_am @SeekingN0rth @DeepikaDakuda @gauthamsiv @ray_elton99 @vikramg05

🚍 Transforming Intercity Travel in India: @IntrCity SmartBus (Fund I vintage) Raises $30M (~₹250Cr) IntrCity has raised $30M in funding led by @A91Partners. We first partnered with the company in 2011 and are proud to support their journey as they scale intercity travel across India. Founded by Manish Rathi and @raizadakapil (Kapil Raizada), IntrCity is a tech-enabled bus platform that offers reliable and comfortable travel across cities in India. Their proprietary hardware enables real-time tracking and safety monitoring, while a centralised digital platform optimises routes, frequency, pickup points, and seat configurations. The fresh capital will help IntrCity go deeper and wider across India’s cities and towns, enhance safety and customer experience, and upgrade its fleet management technology. IntrCity already operates 600 daily trips, serving 20–25K passengers per day. They are EBIDTA positive and expect to become fully profitable this year. They grew their revenue 67% YoY to ₹500 Cr (~$57M) last fiscal while targeting ₹700 Cr (~$79M) this year. “We’re not a network-first company. We’re an operational-excellence-first company,” Manish said. Adding to his view, Kapil says that “We want to make buses the preferred mode of travel in India.” As India’s highway network expands and intercity journeys surge, IntrCity SmartBus is defining the next chapter of safe, reliable, and data-driven intercity mobility. We wrote a spotlight article on IntrCity, highlighting how the company combined data and hospitality to reshape bus travel. To read the full article, please click here: blume.vc/commentaries/the-ro… @BKartRed @AshishFafadia @sajithpai @sanjaynath @arpiit @riashroff @saritaraichu @mehtaalok @mitul_am @SeekingN0rth @DeepikaDakuda @gauthamsiv @ray_elton99 @vikramg05

From a Faridabad bedroom to the public markets Before @e2enetworks (Fund I vintage) became a ₹9,000 Cr story, it was a handful of people working out of Tarun and Srishti’s home. Family mixed with business seamlessly; their then toddler would often play and shout, and Srishti had to keep shushing her — “Bhaiya is working from the other room!” Frugality wasn’t a buzzword; it was how they built. They never missed a salary, but they fought other battles — unreliable ISPs, fiber cuts, patchy infrastructure, and the chaos of building a data-driven company before India had the rails for it. In this episode of The Blume Podcast, @tarundua81 (Tarun) & @SrishtiBaweja (Srishti) join @BKartRed (Karthik) to talk about those early years — the scrappy fixes, the steady conviction, and how staying grounded became their biggest competitive edge. 🎧 Watch the full episode now — and see what it really takes to build patiently, profitably, and publicly: youtube.com/watch?v=qHFVsB0w… @AshishFafadia @sajithpai @sanjaynath @arpiit @riashroff @saritaraichu @mehtaalok @mitul_am @SeekingN0rth @DeepikaDakuda @gauthamsiv @ray_elton99 @vikramg05

Urban Company's founder called their 100x oversubscribed IPO "a responsibility, not a victory lap." The stock opened at a 57% premium to its IPO price and continued climbing in early trading. In the latest episode of Decoding Exits, Vikram Gawande (@vikramg05) from Blume's Investment team unpacks last month's IPO activity and what it signals for India's public markets. Two IPOs. Two very different stories: Urban Company — 11-year journey from startup to public markets. Listed at ₹14,745 Cr, climbed to ₹25,000 Cr within a week. Major exits included Accel, Elevation, Tiger Global, and Bessemer. Ganesh Consumer Products — An 89-year-old FMCG legacy player. Quieter listing at ₹1,300 Cr with Motilal Oswal among the investors exiting. Plus block trades & secondary activity: MobiKwik (ADIA exit), StarHealth (Madison Capital), and an interesting Goldman Sachs move in Sai Life Sciences. Watch here: youtube.com/watch?v=LzlYyVYj… @Bkartred @AshishFafadia @sajithpai @sanjaynath @arpiit @riashroff @saritaraichu @mehtaalok @mitul_am @SeekingN0rth @DeepikaDakuda @gauthamsiv

Blume's Latest Exits: Rs 175 Cr Managed Secondary and additional $4.5M @myspinny (Fund II) Stake Sale In this month's edition of "Decoding Exits", @BKartRed (Karthik) highlights some exciting developments in the Blume Portfolio's secondary market activities. We have orchestrated a managed secondary deal involving three portfolio companies: @ServifyHQ (Fund II), @letspurplle (Fund I vintage), and @getidfyed (Fund I vintage). A single Indian investor has acquired these pooled assets, valued at ₹175 Crore, with Blume continuing to manage the secondary. Additionally, building on our recent announcement of our largest exit to date, we're excited to share another milestone: a $4.5M secondary sale of our stake in Spinny. This transaction brings our total realised value from Spinny to $22M, and we maintain approximately half of our original stake in the company. Watch the full analysis to understand what these movements signal for founders and investors: youtube.com/watch?v=NgzYU49L… @BKartRed @AshishFafadia @sajithpai @sanjaynath @arpiit @riashroff @saritaraichu @mehtaalok @mitul_am @SeekingN0rth @DeepikaDakuda @gauthamsiv @ray_elton99 @vikramg05

In this month's episode of "Decoding Exits", @BKartRed (Karthik) takes us through the key M&A deals that happened in the month of September 2025. From the bittersweet acquisition of @Pepperfry by TCC Concept, to @amazon's strategic move in acquiring axio, and @HunchVentures complete buyout of Jamie Oliver's India restaurant business - September was a frenzy of M&A activity. Here are the key deal insights : - New Chapter for Pepperfry: The pioneering furniture startup, entered a new phase with TCC Concept. The company, which began with Norwest's initial backing and grew into one of India's leading furniture retailers over its 12-year journey, will see its brand catalog and Omni Channel Studios continue under TCC's stewardship. - E-commerce Giant's Lending Play: Amazon's acquisition of Axio (formerly Capital Float) at 0.75-1x loan book value strengthens the e-commerce giant’s BNPL and checkout financing capabilities. - Restaurant Brand Consolidation: Hunch Ventures' full ownership acquisition of Jamie Oliver's India business, buying out IMM's stake, sets the stage for a ₹200 crore expansion plan across 14 outlets. - Global Benefits Platform Expansion: Pluxee's acquisition of @ProEves adds a crucial childcare network of 7,000+ centers to its multi-benefit stack, expanding its reach to 3.5M consumers and strengthening its position in India's corporate benefits landscape. - Global Media Tech Integration: @MinuteMediaLTD acquires @VideoVerseHQ's AI-powered 360-degree stack for sports highlight creation and monetisation, complementing its Sports Illustrated and Players Tribune platforms while deepening its technological infrastructure. - Retail Chain Expansion: Sanjay Ghodawat Group's acquisition of @DusMinute , the neighborhood convenience store chain, aims to expand from 40 to 160+ stores, showing consolidation in local retail. Watch the full analysis to understand what these movements signal for founders and investors: youtube.com/watch?v=Kla6j85j… @BKartRed @AshishFafadia @sajithpai @sanjaynath @arpiit @riashroff @saritaraichu @mehtaalok @mitul_am @SeekingN0rth @DeepikaDakuda @gauthamsiv @ray_elton99 @vikramg05

In our latest "Decoding Exits" episode, @BKartRed (Karthik) explores how July showcased three significant transactions totaling over ₹3,500 crores—from a major analytics player's pre-IPO deal to early-stage partial exits. The transactions involve Fractal Analytics, Infinity FinCorp, and Wiom Internet. We also include a fun fact in this episode where Karthik highlights how fifteen years ago, Mumbai Angels and he missed investing in Fractal Analytics at a mere ₹10 crore valuation. Fractal just completed a $170 million secondary sale at a whopping $2.44 billion valuation! Here are this month’s insights: - Fractal Analytics’ $170M secondary saw @apax_partners sell 6% while holding most of its stake—locking in returns yet keeping IPO upside. Buyers included @WhiteOakCap , Gaja, NEO, and a 22-investor SPV, a structure letting smaller players into a pre-IPO deal. - Infinity FinCorp’s $230M raise (₹600 crore primary, ₹350 crore secondary) shows large PE adapting to India’s growth-stage market. Partners Group bought extra secondary shares to push their total above $200M to meet their deployment minimum. - Wiom Internet’s latest round (~90% primary, 10% secondary) saw @Auxano_Capital partially exit while keeping most of its stake. The exit locks in some gains while riding long-term upside—an increasingly common play for micro VCs nearing fund maturity. 🎯 Watch the full breakdown to know more! @AshishFafadia @sajithpai @sanjaynath @arpiit @riashroff @saritaraichu @mehtaalok @mitul_am @SeekingN0rth @DeepikaDakuda @gauthamsiv @ray_elton99 @vikramg05

💡 From a tiny Delhi shop to powering India's largest EV network — this is how two IITians built @BatterySmartIN (Fund IV) into a 125,000 swaps/day powerhouse In the sweltering Delhi summer of 2020, @pulkit_kh (Pulkit) and @sidsikka (Siddharth) were running their fledgling battery-swapping startup from a cramped 200-square-foot shop in Janakpuri. Half the space served as a charging station for e-rickshaw batteries, while the other half was their office, where they meticulously tracked every battery exchange on handwritten sheets. In the early days, most investors they pitched to dismissed their vision. "E-rickshaws are too niche," they said. "The market is too small, too low-tech." After all, how could you build a venture-scalable business around battery-swapping for local rickshaw drivers? Fast forward to today — that small Delhi shop has grown into Battery Smart, India's largest battery-swapping network. The company now processes over 125,000 battery swaps daily across 1,500 stations in 50 cities. This means that over 70,000 drivers daily can now be on the road instead of waiting for their vehicle’s battery to charge, increase their daily earnings by more than 50%. But this didn't happen overnight. The path from “too niche” to 125,000 daily swaps is full of lessons on grit, timing, and focus. @ray_elton99 (Elton) and @SeekingN0rth (Rohit) spoke to Pulkit to uncover how Battery Smart built India's largest battery swap network, creating real economic impact in India's last-mile mobility sector. Click below to read the full story 👇 blume.vc/commentaries/hidden… @BKartRed @AshishFafadia @sajithpai @sanjaynath @arpiit @riashroff @saritaraichu @mehtaalok @mitul_am @SeekingN0rth @DeepikaDakuda @gauthamsiv @ray_elton99 @vikramg05

The Art of the Exit: How Spinny Helped Return 30% of Blume’s Fund II 🚗 Through a strategic secondary sale, we returned ~30% of Fund II ($18M out of a $60M fund) to our investors through a partial stake sale in @myspinny , while retaining significant upside in India's largest used car platform. In true Blume-style (transparent and candid), @BKartRed breaks down Spinny’s journey, how secondaries create meaningful exit opportunities, and what it teaches us about India's maturing startup ecosystem. Here are 4 key insights from Spinny's journey: - Exponential Growth Post-COVID: 15x growth in both volume and revenue over the last four years, transforming from a regional player to India's largest used car platform - Early Conviction Pays: Our initial ₹2.6 crore (~$300K) investment for 10% stake in 2015-16 showcases how early-stage bets in large markets can create significant value - Secondary Opportunities: Recent $150M+ primary and secondary round led by @Accel US with WestBridge’s participation, enabled a meaningful secondary sale, with us generating $18M in returns - Strategic Retention: While securing strong returns through the secondary sale, we maintain substantial equity (4.6%) for future upside potential Watch the full breakdown to understand how India's secondary market is creating new liquidity opportunities for early-stage investors. 🎯 @AshishFafadia @sajithpai @sanjaynath @arpiit @riashroff @saritaraichu @mehtaalok @mitul_am @SeekingN0rth @DeepikaDakuda @gauthamsiv @ray_elton99 @vikramg05

In our latest "Decoding Exits" episode, @vikramg05 explores two significant market entries shaping India's IPO landscape in the month of June. @atherenergy filed for a ₹2,980 crore IPO with just 12% allocated to OFS. The standout story here is IIT Madras incubator's remarkable journey - turning an initial ₹15-30 lakh investment into a ₹50 crore value at IPO, achieving a stunning 100x return while selling just 2% of their holding. In contrast, Corona Remedies Limited has filed for an ₹800 crore IPO comprising entirely of Offer for Sale (OFS), with major exits from the promoter group, Sepia Investments, Anchor Partners and Sage Investments, signaling strong operational sustainability as no fresh capital is needed. 🎥 Curious about the strategic thinking behind these IPO structures? Watch the full episode for deeper insights into how companies are navigating their public market journeys! @BKartRed @AshishFafadia @sajithpai @sanjaynath @arpiit @riashroff @saritaraichu @mehtaalok @mitul_am @SeekingN0rth @DeepikaDakuda @gauthamsiv @ray_elton99 @vikramg05

Cold emails get ignored. LinkedIn DMs get buried. Landing pages fail. But when a prospect hears your customer speak at a closed-door event, they pay attention. 🎯 In our latest Field Notes, we break down how elite SaaS GTM teams leverage events to access CXOs, accelerate pipeline, and drive customer expansion. We capture the earned secrets of two operators who’ve built repeatable event-led GTM: – Prakhar Jain, Global Sales Lead at Whatfix (@whatfix), an Indian SaaS juggernaut – Nishchal Dua (@NishchalDua), VP of Marketing at inFeedo AI (@inFeedo), a fast-growing HRtech startup Here are 5 crisp takeaways: 🗓️ Plan before you show up WhatFix pre-booked 1,500+ booth meetings at Dreamforce through targeted campaigns. 🍽️ Invite, don’t pitch Prospects convert faster when they hear candid stories from customers, not a slide deck. 📉 Power Hours close pipeline One-hour virtual calls with users help late-stage prospects decide. InFeedo sees >60% conversion. 🧠 Events = Content flywheels Panels, roundtables, and webinars can fuel weeks of posts, clips, and emails—if structured right. 💡 Measure more than leads Events also drive adoption, advocacy, and expansion. Track ROE, not just ROI. 👉 Read the full Field Notes article here: blume.vc/commentaries/from-b… PS: We also have a one-pager TLDR tearsheet and an AI-generated podcast, if you don't want to read through the article. Choose your format and avoid FOMO! @Bkartred @AshishFafadia @sajithpai @sanjaynath @arpiit @riashroff @saritaraichu @mehtaalok @mitul_am @SeekingN0rth @DeepikaDakuda @gauthamsiv @vikramg05 @ray_elton99