2024 at 3one4 Capital
CY24: Building Towards the Global Recovery
In 2024, India's startup ecosystem demonstrated remarkable resilience amidst ongoing global market corrections, with a focus on sustainable growth, robust governance, and clear IPO pathways. As we enter CY25, we are seeing a renewed surge of confidence and growth in our founder teams. The continuation of economic policy and government in India, a renewed budget supportive of macroeconomic expansion and growth, favourable market tailwinds for tech after the US elections, and the persisting growth from several sectors of the Indian economy are lending strong support to our investments. Understanding India bottom-up and investing carefully in reality-tested growth trends has helped us grow portfolio value even through the challenging corrections over the last few years.
The correction since 2022 has been swift and pan-sectoral, testing venture capital portfolios worldwide. We have focused on working closely with our founding teams to prepare for multiple scenarios, balance growth and sustainability, and work backwards from clearly defined targets. We are deeply impressed by how these founding teams have pulled their organisations together to deliver growth despite the challenging environment. In all, we are grateful to partner with so many dynamic innovators in the flow of momentum in their respective verticals.
Across the portfolio, our founders are committed to demonstrating efficiency in their businesses while meeting targets methodically. India's entrepreneurs have always built significant outcomes within frugal boundary conditions, and we are pleased to report that this correction over the last three years has not deterred founders from their core motivations to solve problems at scale. Several of our companies have announced impressive revenue and profitability milestones this year. We remain excited to continue building in India, and our operating model has only gotten more specific in delivering consistent results across market cycles.
We believe India presents an incredible opportunity as its GDP expands from $4 trillion to $8 trillion over the next decade and per capita income doubles again. This is a window of economic expansion that the best founders across the country will focus on and extract value from. We are preparing for sectoral activity that follows several key trends that have been building up since 2022, and our blog highlights what we are actively investing in. From export-led manufacturing and frontier tech to commerce and travel, there is going to be a rush of entrepreneurial activity to claim new slices of demand from more discerning customers. We are excited to deploy our theses across these themes and look forward to another interesting new year in Indian venture capital.
Portfolio Fundraises & Exits
Against the backdrop of the ecosystem's sustained momentum, 3one4 Capital secured 10 successful exits and our portfolio companies closed 25 funding rounds in 2024.
Portfolio Milestones
From industry-leading rankings and prestigious awards to groundbreaking patents and global recognition, our portfolio companies have continued to raise the bar in 2024. Here's a snapshot of their standout accomplishments:
Individual Accomplishments & Institutional Recognition
Our success is built on the strength of our exceptional team. In 2024, members of our leadership earned well-deserved recognition for their contributions to the industry:
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3one4 Capital was also recognised as the "Best Fundraising Performance of the Year" by the Indian Venture and Alternate Capital Association (IVCA).
3one4 Summit 2024
The 3one4 Summit 2024, held on 3/14 (March 14), marked the firm’s 8th anniversary.
Summit ‘24 was an exclusive annual gathering designed to enhance the synergy among our community of LPs, partners, and founders. This edition of the 3one4 Summit brought together industry leaders and generational institutions to dissect India's dynamic startup scene, uncovering market shifts, innovation hotspots, and the vast opportunities ripe for disruption.
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Events at 3one4
In 2024, we curated spaces for insight exchange and ecosystem building, from strengthening the Indo-Japan tech corridor to pioneering discussions on direct listings at GIFT IFSC. Our events brought together over 1,000+ founders, operators, and global leaders, fostering meaningful dialogues on fintech innovation, marketing excellence, and frontier tech development.
These forums exemplify our commitment to nurturing an ecosystem where ideas flourish, partnerships form, and collective growth accelerates India's technological advancement.
Sharing Notes from the Field: A Core Function at 3one4 Capital
At 3one4 Capital, insight sharing drives our commitment to ecosystem building. We championed key conversations on policy reform, innovation, ecosystem development, and India’s projected economic journey through impactful whitepapers, in-depth reports, and thought-provoking podcast discussions.
View our Reports - Click here
Our presence on Indian and global media, and at institutions from IIT Bombay to Stanford University, underscores our commitment to sharing updates from the field and helping to converge more collaboration across the ecosystem.
In 2024, we also crossed 50 editions of Signals. Signals is our way of sharing the field notes, insights, and learnings we gather, spanning fintech, consumer, health, India macros, tech, policy, and the economic forces influencing our future.
Browse all the editions - Click here
The Record: Driving Ecosystem Discourse
In its second year, The Record continued to be a platform for insightful conversations with some of the most influential leaders in business and technology. This year we hosted Nandan Nilekani, M. Damodaran, K.V. Kamath, and Nilesh Shah.
With more than a million views, The Record has become synonymous with ecosystem leadership and forward-thinking discourse.
View our Channel - Click here
Commitment to Responsible Value Creation
In a landmark initiative, we partnered with the Indian Army to transform a depleted lake into a thriving freshwater ecosystem, doubling water retention and recharging local borewells.
Earlier in the year, we launched the ESG Report 2024, which outlines 3one4 Capital's proactive approach to embedding ESG principles across its operations, investments, and portfolio companies.
View the report - Click here
Twin Tailwinds for 2025
The private markets are expected to make a significant rebound over CY25 as the US market thaws and tech IPOs resume. Given the general success of VC and PE-backed companies completing their listings in India, a clear signal has already been sent to private companies here on how public markets will value their businesses and what metrics they will reward. With both these tailwinds in resonance, Indian tech companies will have a terrific opportunity to grow faster and plan for sustainable trajectories forward. We also expect mid and growth-stage rounds in India to resume with more inbound global participation over CY25.
We are preparing for sectoral activity that follows a few trends that have been building up since 2022:
- Export-oriented producer businesses in India should be able to take advantage of the expected reorientation of globalised trade and find entries into new markets much more efficiently.
- Frontier technologies in India will become more sought after, given the increased spending on defence, industrial automation, digitalisation, and energy transition.
- The expected inflection in Indian consumption, aspiration, and premiumisation should present radically new opportunities in the oldest consumption baskets in the country. From food and entertainment to travel and elderly care, there will be a rush of corporate activity to claim the new slices of demand from more discerning customers across generations.
To our founders, partners, and investors—thank you for your trust and collaboration. We are excited to deploy our theses across these emerging themes and look forward to another purpose-driven year in Indian venture capital.
Wishing everyone a prosperous 2025!
