Aarin Capital

Reviewed Updated Jul 21, 2026

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Location Bengaluru, Karnataka, India
Founded 2012
Fund Size $100M-$150M (reported)
Website https://aarincapital.com
Stage Focus
seed series-a
Sector Focus
life-sciences healthtech edtech software retail consumer

Team

T V Mohandas Pai Co-Founder & Chairman
Ranjan Pai Chairman, Manipal Education & Medical Group; Co-Founder, Aarin Capital; Founder, MEMG Family Office & Claypond Capital

About

Aarin Capital is a proprietary venture fund / family office based in Bengaluru, India, co-founded by T V Mohandas Pai (former CFO and Board Member of Infosys) and Dr. Ranjan Pai (Chairman of the Manipal Education and Medical Group) 12. Public reports place the firm’s founding in 2012, though one Tracxn-derived source lists 2011 34. Aarin’s fund size is variously reported as $100 million (per the Exfinity Ventures team page, also describing Aarin as a “family office”) and $150 million (per Razorpay Rize and other secondary aggregators) 25. The firm is structured as a permanent-capital vehicle rather than a fund-cycle GP/LP partnership.

As of FY24-25 Aarin Capital has invested in 50 portfolio companies, with combined portfolio revenue of ₹16,580 crore 6. PharmEasy (API Holdings) is the single largest revenue contributor at ₹6,699.8 crore 6. Cumulative deployment since 2013 stands at approximately ₹203.02 crore, with deal sizes ranging from ₹92.5 lakh to ₹34.2 crore 6. Peak deployment was ₹57.34 crore in 2017; recent annual deployments have slowed materially (FY23: ₹0.2 crore; FY24: ₹9.49 crore), suggesting the firm is now primarily in management and follow-on mode rather than active new-deal sourcing 6.

Aarin Capital invests both directly in startups and as an LP into “15+ funds that span multiple asset classes such as early and growth stage venture capital, public markets, real estate project financing, hedge funds, and PE funds” 52.

Stated Thesis

Aarin Capital publicly describes its mandate as backing “technology-intensive businesses in life-sciences & healthcare, education and other potentially large India-centric or India-first market opportunities” 14. Announcing Aarin’s pre-Series A lead investment into 88academics in September 2021, Mohandas Pai stated: “We seek to partner technology-intensive businesses in life-sciences & healthcare, education and other potentially large India-centric or India-first companies. 88academics provides us with an opportunity to invest in a sector we know well and back a highly experienced management team with a differentiated product and a disruptive business model.” 7

On its website Aarin describes its goal as creating “long-term value by partnering with knowledgeable, adept and passionate founder teams,” with a stated emphasis on technology, differentiation, and sustainable profitable business models from inception 1. The firm advertises post-investment support across customer-centric strategy validation, profitable growth, geographic scalability, cash flow optimisation, and governance/compliance 1.

Inferred Thesis

This analysis is based on Aarin Capital’s 50-company portfolio (as of FY24-25, per PrivateCircle reporting from firm disclosures) and the directly-named investments below 6.

Sector distribution (50 companies, FY24-25 disclosed) 6: - Retail: 12.0% (6 of 50) - Software: 12.0% (6 of 50) - Life Sciences: 10.0% (5 of 50) - Education: 6.0% (3 of 50) - Hotels & Accommodation: 4.0% (2 of 50) - Other sectors: 56.0% (28 of 50)

Stage distribution: Aggregator profiles describe Aarin as primarily a Seed and Series A investor 8. The named portfolio is overwhelmingly seed-to-Series-A range: 88academics (Pre-Series A, $3M lead), TripFactory (Series A, 2015), KleverKid (early), Licious (angel via Mohandas Pai personally, 2015), BYJU’S (early 2012), Counsyl (early), Vyome Biosciences (early).

Check sizes: Deal sizes range from ₹92.5 lakh (~$110K) to ₹34.2 crore (~$4.1M), with peak deployment of ₹57.34 crore in calendar year 2017 6. This corresponds with Pai’s personal Signal/NFX-reported individual range of $100K-$5M 9.

Geographic focus: Overwhelmingly India-centric, consistent with the stated “India-centric or India-first” thesis. Notable exception: Counsyl, a US-based genomics company acquired by Myriad Genetics in 2018 5.

Founder profile patterns: Approximately 13.5% of Aarin Capital portfolio founders graduated from Tier-1 institutions (IITs/IIMs), while 86.42% came from other universities 6. This is a notable distinction from many India-focused VC funds that skew heavily toward IIT/IIM founder networks — Aarin is willing to back non-pedigreed founders.

Notable exits and outcomes: - BYJU’S — invested ~$9.2M in late 2012; exited at a reported 4x return; the company later became one of India’s largest edtech unicorns before its 2023-2024 unwind 10 - PharmEasy (API Holdings) — single largest portfolio revenue contributor at ₹6,699.8 crore 6 - Licious — angel investment via Mohandas Pai (2015); company later became India’s first D2C unicorn (October 2021) 11 - Counsyl — sold to Myriad Genetics in 2018 5

Notable patterns vs. stated thesis: Aarin’s stated focus is “life-sciences & healthcare, education and other India-centric” companies, but the disclosed sector mix (FY24-25) shows Retail and Software at 12% each, comparable to Life Sciences at 10% and well above Education at 6% 6. The “other sectors” bucket (56%) is large enough that the stated thematic focus is less concentrated in practice than in messaging.

Portfolio

This table lists 14 named Aarin Capital portfolio investments confirmed by contemporaneous press or Aarin’s own communications. Aarin’s full portfolio is 50 companies as of FY24-25 6, so this represents roughly 28% of disclosed investments.

Company Stage Year Lead Partner Sector Status
BYJU’S Early ($9.2M) 2012 Mohandas Pai EdTech Active (post-unwind) 10
Counsyl Venture Round (~$65M total raised at that point; Aarin/Manipal Group participated alongside Founders Fund, Felicis Ventures, David Drummond, Rosemont Seneca, WTI, Jeff Dean) 2013-04-23 Ranjan Pai (Manipal Group) Life Sciences/Genomics Acquired by Myriad (2018) 51617
Faircent Series A (led, undisclosed amount; third funding round for Faircent within a year) 2015-10-12 Mohandas Pai Fintech/Lending Active 51819
Vyome Biosciences Series A ($3.3M co-investor; Kalaari Capital led with Navam Capital and Aarin Capital participating; total round Rs 18.5 cr) 2012-09 Ranjan Pai (joined board Dec 2014) Life Sciences Active 5202122
Vyome Biosciences Series B (existing investor; $8M led by Sabre Partners; Kalaari + Aarin returned) 2014-08-12 Ranjan Pai (board seat added Dec 2014) Life Sciences Active 212226
TripFactory Series A 2015 Mohandas Pai Travel Active 12
KleverKid Seed ($500K) 2015-05-07 Mohandas Pai EdTech Deadpooled (Dec 2016) 1315
YourStory Series A (T V Mohandas Pai participated personally, not via Aarin Capital; Aarin Capital NOT named in primary press) 2015-08-18 Mohandas Pai (personal) Media Active 514272829
Praxify Seed (aggregator-only Aarin attribution — Tracxn’s Praxify company profile shows only ONE seed round on 2014-05-23 with a single institutional investor (Microsoft’s M12); Aarin Capital is NOT independently named in primary press. Attribution derives entirely from Razorpay Rize aggregator 5; likely a Manipal Group / Ranjan Pai personal association rather than an Aarin Capital deal) 2014-05-23 (Tracxn seed round date; Aarin participation unverified in primary sources) — HealthTech/SaaS Acquired by athenahealth for $63M on 2017-06-08 53031
HomeLane Series A (USD 4.5M co-investor; Sequoia Capital India led; Aarin Capital participated) 2015-02-24 Ranjan Pai & Mohandas Pai Interior Design / Home Active 5232425
PharmEasy (API Holdings) Series B (USD 18M; Bessemer Venture Partners led; Aarin Capital, Orios Venture Partners, Astarc Ventures, and Trifecta Capital participated) 2017-03-30 (Crunchbase round date; DealStreetAsia coverage published 2017-04; FinSMES 2017-04-26) Mohandas Pai HealthTech / Pharmacy Active 63233
Jigsaw Academy Series A (USD 3M / ₹20 crore; Manipal Global Education Services led. Mohandas Pai joined Jigsaw’s advisory board as a result of this MaGE-led round — Aarin Capital was NOT named as a participating investor. Retained here for historical relationship context) 2015-12-09 Mohandas Pai (advisor) EdTech / Analytics Active (acquired by UNext Learning) 1434
Impact Analytics Seed (USD 750K; Aarin Capital LED, with Michael Herzig and Ashish Lakhanpal / Kismet Capital participating) 2016-10-31 Ranjan Pai SaaS / Retail Active 43536
88academics Pre-Series A ($3M) 2021-09-27 Mohandas Pai EdTech Active 7
Invact Metaversity Seed (Aarin/Mohandas Pai attribution is personal — TV Mohandas Pai participated as one of 70+ individual angel/entrepreneur investors in Invact’s USD 33M valuation seed announcement; primary press names him personally (Manipal Group) alongside Kishore Biyani, Ritesh Malik, Kirthiga Reddy, etc. Aarin Capital as an institution is NOT named. Retained for historical context) 2022-02-07 Mohandas Pai (personal) EdTech / Metaverse Active 143738

In Their Own Words

“We seek to partner technology-intensive businesses in life-sciences & healthcare, education and other potentially large India-centric or India-first companies. 88academics provides us with an opportunity to invest in a sector we know well and back a highly experienced management team with a differentiated product and a disruptive business model.” — T V Mohandas Pai, Co-Founder & Chairman, on Aarin Capital’s pre-Series A lead in 88academics, September 27, 2021 7

Aarin Capital’s own website describes its mandate as creating “long-term value by partnering with knowledgeable, adept and passionate founder teams” and emphasises “technology, differentiation, and sustainable profitable business models from inception” 1.

What Founders Say

Reporting on Licious’s early fundraise has noted that founders Vivek Gupta and Abhay Hanjura have publicly described Mohandas Pai (a personal-angel Licious backer, not an Aarin Capital deal) as one of their most active early supporters; founders have said they have a “simple rule” — they write to him about any need, “whether it’s about leasing land or meeting the media, and he connects them with the right people” 11. This is paraphrased reporting; no verbatim founder quote naming Aarin Capital specifically was located in this research pass.

No independently sourced founder testimonials about Aarin Capital (as distinct from Mohandas Pai personally) were located in this research pass.

Sources

  1. Aarin Capital, “About,” accessed May 2026. https://aarincapital.com/about/↩↩↩↩↩

  2. Exfinity Ventures, “Mohandas Pai TV | Co-founder & Advisor,” accessed May 2026. https://www.exfinityventures.com/team/mohandas-pai↩↩↩

  3. Inc42 company page, “Aarin Capital - A Venture Capital Firm Based Out Of Bengaluru,” accessed May 2026. https://inc42.com/company/aarin-capital/↩

  4. Innovations of the World, “Aarin Capital – Investing In India-Centric Opportunities,” accessed May 2026. https://innovationsoftheworld.com/investing-in-india-centric-opportunities/↩↩↩

  5. Razorpay Rize, “List of Startups Funded by T.V. Mohandas Pai,” accessed May 2026. https://razorpay.com/rize/investors-list/t-v-mohandas-pai↩↩↩↩↩↩↩↩↩↩↩↩

  6. PrivateCircle Blog, “Aarin Capital 2024-25: Sector Preferences and Investment Insights,” accessed May 2026. https://blog.privatecircle.co/aarin-capital-2024-25/↩↩↩↩↩↩↩↩↩↩↩↩

  7. Business Today, “88academics raises $3 mn in round led by Mohandas Pai’s Aarin Capital,” September 27, 2021. https://www.businesstoday.in/latest/corporate/story/88academics-raises-3-mn-in-round-led-by-mohandas-pais-aarin-capital-307723-2021-09-27↩↩↩

  8. Tracxn, “Aarin Capital - 2026 Investor Profile, Portfolio, Team & Investment Trends,” accessed May 2026. https://tracxn.com/d/venture-capital/aarin-capital/__XTmSKqBUal7y9RY7QPJBNzv1LEFpo8PFz-TeU1Ugunw↩

  9. NFX Signal, “Mohandas Pai’s Investing Profile - 3one4 Capital Investor,” accessed May 2026. https://signal.nfx.com/investors/mohandas-pai↩

  10. Open Magazine, “Mohandas Pai: The Renewable Man,” accessed May 2026. https://openthemagazine.com/features/profile/mohandas-pai-the-renewable-man↩↩

  11. Indian Retailer, “Former Infosys Director TV Mohandas Pai invests in Licious,” accessed May 2026. https://www.indianretailer.com/restaurant/news/former-infosys-director-tv-mohandas-pai-invests-in-licious.n942↩↩

  12. YourStory, “TripFactory raises Series A funding from Aarin Capital,” July 2015. https://yourstory.com/2015/07/tripfactory-funding↩

  13. YourStory, “KleverKid, platform for tutors, raises funding from Mohandas Pai’s Aarin Capital and others,” May 2015. https://yourstory.com/2015/05/aarin-capital-funding-kleverkid↩

  14. Planify, “Mohandas Pai Portfolio, Shareholdings & Investments,” accessed May 2026. https://www.planify.in/investors/mohandas-pai/↩↩↩

  15. Tracxn, “KleverKid - 2025 Company Profile, Funding & Competitors,” accessed June 2026. Confirms 2015-05-07 seed round of $500K total with 4 investors (Aarin Capital, Sunil Kaul, Ananda Kallugadde, Maina Sahi); company deadpooled December 2016. https://tracxn.com/d/companies/kleverkid/__8d53zJyin86Q0xpUZsgeHqDZZiA07Bh0ZxWl9U6dUq↩

  16. TechCrunch, “Through Dirt-Cheap Genetic Testing, Counsyl Is Pioneering A New Bioinformatics Wave,” April 23, 2013. Accessed July 2026. https://techcrunch.com/2013/04/23/counsyl/ — Contemporaneous tier-1 press confirming Counsyl “has quietly raised roughly $65 million in funding” from Founders Fund, Felicis Ventures, India’s Manipal Group, David Drummond (Google SVP Corporate Development), WTI, Rosemont Seneca, and Google research scientist Jeff Dean. ↩

  17. Forbes India, “Ranjan Pai of the Manipal Group Has Hit the Sweet Spot with Investors,” 2014 (India Rich List). Accessed July 2026. https://www.forbesindia.com/article/india-rich-list-2014/ranjan-pai-of-the-manipal-group-has-hit-the-sweet-spot-with-investors/38857/ — Confirms Aarin Capital Fund (launched 2011, $50M corpus) includes Silicon Valley-based Counsyl clinical genomics player in its portfolio; investment made under Ranjan Pai/Manipal Group. ↩

  18. Inc42, “Online Lending Platform Faircent.com Raises Funding From TV Mohandas Pai,” October 12, 2015. Accessed July 2026. https://inc42.com/flash-feed/faircent-raises-funding-from-mohandas-pai/ — Primary confirmation Faircent raised undisclosed amount led by Aarin Capital Partners (TV Mohandas Pai) on October 12, 2015; third funding round in one year (prior: pre-Series A of $250K from M&S Partners in June 2015; initial round from Fusion Microfinance promoters January 2015). ↩

  19. Business Standard, “Faircent raises undisclosed amount from Mohandas Pai-led fund,” October 13, 2015. https://www.business-standard.com/article/companies/faircent-raises-undisclosed-amount-from-mohandas-pai-led-fund-115101300488_1.html — Independent tier-1 Indian business press confirmation of Aarin Capital / Mohandas Pai-led Faircent funding round (URL returned 403 on fetch attempt; headline confirms Aarin Capital lead investor role and October 2015 date). ↩

  20. The Indian Wire, “Top Kalaari Capital investments in India,” accessed July 2026. https://www.theindianwire.com/startups/top-kalaari-capital-investments-77276/ — Confirms “Kalaari Capital first invested $3.3 million in [Vyome Biosciences] series A round, along with Navam Capital and Aarin Capital in September 2012.” ↩

  21. PR Newswire India, “Sabre Partners Leads $8 Million Series B Investment in Vyome Biosciences,” August 12, 2014. Accessed July 2026. https://www.prnewswire.com/in/news-releases/sabre-partners-leads-8-million-series-b-investment-in-vyome-biosciences-270876771.html — Primary company/wire release confirming Vyome Biosciences closed $8M Series B on August 12, 2014, led by Sabre Partners “with existing Series A investors Kalaari Capital and Aarin Capital also co-investing.” ↩↩

  22. BioSpace, “Vyome Biosciences Adds To Board Of Directors,” October 2015. Accessed July 2026. https://www.biospace.com/b-vyome-biosciences-b-adds-to-board-of-directors — Confirms Vyome “is currently backed by leading venture capital and private equity funds, including Kalaari Capital, Sabre Partners, Aarin Capital and Navam Capital.” Bio-IT World December 2, 2014 title “Vyome Ropes in Ranjan Pai in its board of directors” independently confirms Ranjan Pai/Aarin board seat via search-result headline (URL returned 403 on direct fetch). ↩↩

  23. TechCrunch (Catherine Shu), “India’s HomeLane Raises $4.5M Series A Led By Sequoia Capital,” February 24, 2015. Accessed July 2026. https://techcrunch.com/2015/02/24/indias-homelane-raises-4-5m-series-a-led-by-sequoia-capital/ — Primary tier-1 tech press confirmation of HomeLane’s USD 4.5M Series A on 2015-02-24, led by Sequoia Capital India with Aarin Capital participating. CORRECTS prior “Early | ~2016” — round was February 2015 Series A, not undated 2016 early. ↩

  24. AVCJ (Asian Venture Capital Journal), “Sequoia leads $4.5m round for Indian interior design start-up HomeLane,” February 25, 2015. Accessed July 2026. https://www.avcj.com/avcj/news/60588/sequoia-leads-usd45m-round-for-indian-interior-design-start-up-homelane — Second independent primary source for HomeLane’s Series A. Names Sequoia Capital as lead and Aarin Capital as participating investor. ↩

  25. The Tech Portal, “HomeLane raises $4.5 Million in Series A to cut through your interior-designing worries,” February 24, 2015. Accessed July 2026. https://thetechportal.com/2015/02/24/homelane-series-a/ — Third independent primary source for HomeLane’s Series A. Names Aarin Capital investors as “led by Dr. Ranjan Pai and Padma Shri awardee Mohandas Pai.” Captures G V Ravi Shankar (Sequoia Capital India Advisors MD) quote and HomeLane COO Prabhu Venkatesh quote on the “30 days from order to installation” product guarantee. ↩

  26. Bio-IT World, “Vyome Ropes in Ranjan Pai in its Board of Directors,” December 2, 2014. Accessed July 2026. https://www.bio-itworld.com/press-release/2014/12/02/vyome-ropes-in-ranjan-pai-in-its-board-of-directors — Primary source (URL returned 403 on direct fetch; content confirmed via search snippet) confirms Dr. Ranjan Pai, MD and CEO of Manipal Education & Medical Group, joined Vyome Biosciences Board of Directors December 2014; Bio-IT World describes Ranjan’s venture firm Aarin Capital as an existing investor in Vyome — establishing Ranjan Pai as the Aarin Capital board representative for the Vyome relationship starting December 2014, four months after the August 2014 Series B closing. ↩

  27. Afaqs!, “YourStory raises Series A funding,” August 2015. Accessed August 3, 2026. https://www.afaqs.com/news/digital/45308_yourstory-raises-series-a-funding — Primary press coverage of YourStory’s Series A round on 2015-08-18. Investors named: Kalaari Capital (lead), Qualcomm Ventures, T V Mohandas Pai (personal capacity), Ratan Tata. Aarin Capital NOT named as a participant. Founder quote: “Ratan Tata, Vani Kola (Kalaari Capital), Karthee Madasamy (Qualcomm Ventures) and TV Mohandas Pai have invested in YourStory.” ↩

  28. Inc42, “YourStory Grabs Series A Round From Ratan Tata, Mohandas Pai, Kalaari Capital & Others,” August 2015. Accessed August 3, 2026. https://inc42.com/flash-feed/yourtsory-series-a/ — Second primary source. Investors named: Kalaari Capital (led), Qualcomm Ventures, T V Mohandas Pai, Ratan Tata. Amount reported “over USD 3M.” Aarin Capital NOT named as a participant. ↩

  29. MediaNama, “YourStory raises funding; to launch Indic tech portal,” August 2015. Accessed August 3, 2026. https://www.medianama.com/2015/08/223-yourstory-funding-indic-portal/ — Third independent primary source confirms Series A funding round on 2015-08-18 led by Kalaari Capital with Qualcomm Ventures, T V Mohandas Pai (personal), and Ratan Tata participating. Aarin Capital NOT named. Aarin Capital’s YourStory exposure appears to reflect Mohandas Pai’s personal investment (Mohandas Pai co-founded Aarin Capital with Ranjan Pai), not an institutional Aarin Capital deal. ↩

  30. Tracxn, “Praxify — 2026 Company Profile, Team, Funding, Competitors & Financials,” accessed August 4, 2026. https://tracxn.com/d/companies/praxify/__HRBAdbkO0HDO5pq3usaAgUwTSx1tcLrKqBLlTvsatmo — Aggregator company profile. Lists only ONE Praxify funding round: a Seed on 2014-05-23 with 1 institutional investor (M12 / Microsoft’s venture arm) — amount undisclosed. Aarin Capital is NOT listed among the seed round investors, contradicting Razorpay Rize’s portfolio-list attribution 5. Also confirms athenahealth acquisition on 2017-06-08 for USD 63M. ↩

  31. Anuja Jaiswal, “To accelerate R&D, athenahealth will acquire Praxify Technologies for $63 million,” MedCity News, June 8, 2017. Accessed August 4, 2026. https://medcitynews.com/2017/06/athenahealth-praxify-technologies/ — Primary tier-1 healthcare press confirming athenahealth’s acquisition of Praxify Technologies for USD 63M announced June 8, 2017. Praxify founded 2010 in Pune. Article does NOT name Aarin Capital as a prior investor. ↩

  32. DealStreetAsia, “India: PharmEasy raises $18m Series B round led by Bessemer,” 2017. Accessed August 4, 2026. https://www.dealstreetasia.com/stories/pharmeasy-raises-18m-series-b-round-led-by-bessemer-7119 — Primary tier-1 Asian VC press coverage of PharmEasy’s USD 18M Series B. Article tags name “Aarin Capital,” “Astarc Ventures,” “Bessemer Venture Partners,” and “Trifecta Capital” as participants (full body text paywalled). Round led by Bessemer Venture Partners. ↩

  33. FinSMEs, “PharmEasy Raises $17m in Series B Funding,” April 26, 2017. Accessed August 4, 2026. https://www.finsmes.com/2017/04/pharmeasy-raises-17m-in-series-b-funding.html — Independent international VC trade press confirmation of PharmEasy Series B (USD 17-18M reported; Crunchbase records USD 16M on 2017-03-30) led by Bessemer Venture Partners with Aarin Capital, Orios Venture Partners, Astarc Ventures, and Trifecta Capital participating. Discrepancy in amount across sources (USD 16-18M) noted. ↩

  34. Inc42, “Jigsaw Academy Raises $3 Mn From Manipal Global Education,” December 9, 2015. Accessed August 4, 2026. https://inc42.com/flash-feed/jigsaw-academy-funding/ — Primary press coverage of Jigsaw Academy’s USD 3M / ₹20 crore round on December 9, 2015 led by Manipal Global Education Services (MaGE). Article states: “former Infosys veteran TV Mohandas Pai will join the advisory board of Jigsaw Academy” following this funding round — meaning Pai joined in an ADVISORY capacity (not as institutional Aarin Capital investor) as a result of the MaGE-led investment. ↩

  35. Inc42, “Data Analytics Company Impact Analytics Secures $750K From Aarin Capital, Others,” October 31, 2016. Accessed August 4, 2026. https://inc42.com/flash-feed/impact-analytics-funding/ — Primary contemporaneous tier-1 India tech press confirmation. Impact Analytics secured USD 750K seed on 2016-10-31 in a round LED by Aarin Capital, with Michael Herzig (serial entrepreneur) and Ashish Lakhanpal (CEO, Kismet Capital) participating. ↩

  36. Analytics India Magazine, “Impact Analytics raises seed round from Aarin Capitals and others,” 2016. Accessed August 4, 2026. https://analyticsindiamag.com/ai-news-updates/impact-analytics-raises-seed-round-aarin-capitals-others/ — Independent analytics-industry press second-source for the USD 750K seed round with Ashish Lakhanpal (Kismet Capital) and Michael Herzig participating. Includes direct quote from Dr. Ranjan Pai: “We are excited to invest in Impact Analytics. Enterprise products built out of India is the natural next stage of companies that are going to come out of India.” ↩

  37. Inc42, “Manish Maheshwari’s Invact Metaversity Bags Funds From Kishore Biyani, TV Mohandas Pai & 70 Others,” February 7, 2022. Accessed August 4, 2026. https://inc42.com/buzz/manish-maheshwaris-invact-metaversity-bags-funds-from-kishore-biyani-tv-mohandas-pai-70-others/ — Primary contemporaneous India tech press coverage of Invact Metaversity’s seed round announced 2022-02-07 valuing the company at USD 33M. Investor list names TV Mohandas Pai (Manipal Group) personally alongside 70+ other individual entrepreneurs (Kishore Biyani, Ritesh Malik, Kirthiga Reddy, etc.). Aarin Capital as an institution is NOT named — Mohandas Pai’s participation appears to have been a personal angel commitment. ↩

  38. PR Newswire, “Ed-tech startup Invact Metaversity seed-funded by 70+ global entrepreneurs; valued at $33 million,” 2022. Accessed August 4, 2026. https://www.prnewswire.com/news-releases/ed-tech-startup-invact-metaversity-seed-funded-by-70-global-entrepreneurs-valued-at-33-million-301476286.html — Primary company press release distribution confirming the USD 33M-valuation seed round with 70+ global entrepreneur backers including TV Mohandas Pai. Aarin Capital as an institution is NOT named as an investor. ↩