Orios Venture Partners

Reviewed Updated May 1, 2026

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Location Mumbai, Maharashtra, India
Founded 2013
Fund Size Fund I: INR 300 Cr (2015); Select Fund I: $30M (2021); Fund III: $30M (2021); Fund IV: closed below target with government LP (2025)
Website https://www.oriosvp.com/
Stage Focus
seed pre-series-a series-a
Sector Focus
consumer marketplaces d2c fintech healthtech saas mobility ev gaming

Team

Rehan Yar Khan Founder & Managing Partner

About

Orios Venture Partners is a Mumbai-based early-stage technology venture capital firm founded in 2013 by Rehan Yar Khan, a serial entrepreneur and prolific Indian angel investor of the 2008-2013 era who had previously backed Druva (2008) and Ola Cabs (2011) as personal angel cheques 123. The firm targets 10-12 investments per year into B2C, B2B, software and hardware startups built for the Indian market and is publicly positioned around backing “Misfit” founders who don’t fit conventional moulds 14.

Orios is registered with SEBI across four Alternative Investment Funds: Orios Venture Partners Fund (Cat-I, IN/AIF1/13-14/0087), Orios Venture Partners Fund II (Cat-I, IN/AIF1/15-16/0164), Orios Select Fund (Cat-I, IN/AIF1/18-19/0621), and Orios Venture Partners Fund III (Cat-II, IN/AIF2/20-21/0798) 1. Fund I had a final close at INR 300 crore in 2015; the firm returned 1X (INR 300 crore) of Fund I to LPs in January 2024 5. Orios Select Fund I closed at $30 million in June 2021 to deploy $4M-$8M follow-on cheques into existing portfolio winners 67. The firm’s third growth fund was repeatedly postponed in 2024-2025, and Fund IV closed below target in 2025 with a key (unnamed) Indian government LP onboarded 89.

In September 2023, Managing Partners Anup Jain (ex-P&G, Yum) and Rajeev Suri (ex-Jio, Viu, Infosys) — who had joined in 2018 — both departed; CFO and COO Gaurav Bindal subsequently followed 1011. As of 2026 the senior team is Rehan Yar Khan (Managing Partner), Madhav Tandan (Senior Partner), and Sukhmani Bedi (Partner) 1. Orios has 76 portfolio companies across 13 years per Tracxn, with 3 portfolio unicorns (CarDekho/GirnarSOFT, API Holdings/PharmEasy) and 3 IPOs (MobiKwik, ixigo, Nazara Technologies) 12.

Stated Thesis

Orios publicly describes its mandate as backing “innovators who are working in unchartered territories, on ideas that have the potential to disrupt the traditional ecosystem” 1. The firm operates a “#Misfits Program” of founder-to-founder support and emphasises hands-on “Managing Partner time” focused on strategy, fundraising, people strategy, and senior introductions 14. Khan has stated that he founded Orios because “I saw an opportunity to fill the gap and provide funds at the seed level” and “I thought that the ecosystem needed a fund which has been an entrepreneur previously” 2.

Inferred Thesis

Based on Tracxn’s classification of 76 Orios investments through March 2026 12:

Stage distribution (Orios first-round and follow-on rounds, n≈71 stage-classified): - Seed: 46 (~65%), average round size $1.37M - Series A: 18 (~25%), average round size $6.03M - Series E (later-stage follow-ons): 4 (~6%), average $194M - Series B/C/other: 4 (~6%)

Roughly 90% of Orios cheques are seed or Series A first-rounds; the Series E entries reflect Select Fund I and Fund III follow-on participation into pre-IPO names (PharmEasy, ixigo, MobiKwik).

Sector distribution (Orios first-round investments per Tracxn): - Consumer: 35 companies - Enterprise Applications: 21 - Retail: 17 - FinTech: 14 - Vertical SaaS: 10 (Categories overlap.) Orios’s published Fund I allocation was 27.07% marketplaces, 17.7% D2C, 14.45% healthtech 5.

Geographic focus: 70 of 76 portfolio companies (~92%) are India-based; 3 are US-based 12.

Notable exits and outcomes: - Country Delight: 45X partial exit in February 2024 (invested 2017) 13 - Battery Smart: 29X partial exit in June 2024 (invested 2020) via $65M Series B 14 - MobiKwik: IPO December 2024, ~$254M market cap at listing 12 - ixigo: IPO, ~$432M market cap 12 - Nazara Technologies: listed on Indian public markets 12 - PharmEasy / API Holdings: largest contributor to Fund I 1X return 5 - Druva (personal angel of Rehan Yar Khan): $475M raised, unicorn outcome 3

Co-investor patterns: Recent rounds show frequent co-investment with Stellaris Venture Partners (Truva 2026), 3one4 Capital (HexaHealth 2025), and earlier with Tiger Global (Zo Rooms 2015), Sequoia/Peak XV, Matrix Partners India / Z47, and Beenext 121516.

Portfolio

A representative selection of Orios investments is documented in Rehan Yar Khan’s investor profile portfolio table. See data/investors/rehan-yar-khan.md for the citation-by-citation table covering ~30 named deals from 2008 (Druva, personal angel) through January 2026 (Truva).

In Their Own Words

“We believe exceptional founders in large spaces can build special companies. With Country Delight, it has been an honour and great learning experience to watch Chakradhar and Nitin build the company, from a single product to over 140 products.” — Rehan Yar Khan, on Orios’s 45X Country Delight partial exit, Inc42, February 7, 2024 13

“Early-stage funds are a long journey as they grow along with the companies they invest in.” — Rehan Yar Khan, on Orios Fund I returning 1X to LPs, Inc42, January 25, 2024 5

“We are glad to have returned 1X of the Fund, which means the corpus invested with us is back.” — Rehan Yar Khan, on Fund I, Inc42, January 25, 2024 5

“Over the years, the startup has proven the efficacy of their innovations and business model. They now capture over 70% market share and lead a rapidly expanding sector.” — Sukhmani Bedi, Partner, on Orios’s Battery Smart partial exit, Inc42, June 11, 2024 14

“2023 was one of those years where everything that could go wrong, went wrong. As humans, we never want things to go wrong, but some things are beyond our control.” — Rehan Yar Khan, The CapTable interview, December 2, 2024 17

What Founders Say

No independently sourced verbatim founder testimonials about Orios Venture Partners were located in this research pass that meet Seedlist’s standards. Public reporting documents Khan’s role as the first-cheque angel and board observer at Ola Cabs (April 2011) and Druva (2008-2010+) 18193, but contemporaneous primary-source founder quotes about the working relationship with Orios were not located. Additional research is needed to substantiate this section.

Sources

  1. Orios Venture Partners homepage, accessed May 2026. https://www.oriosvp.com/↩↩↩↩↩↩

  2. Entrepreneur India, “Orios Venture Partners’ Rehan Yar Khan Banks on Ideas,” November 28, 2019. https://india.entrepreneur.com/finance/orios-venture-partners-rehan-yar-khan-banks-on-ideas/343↩↩

  3. PR Newswire, “Druva Raises Series-A From Sequoia Capital,” April 7, 2010. https://www.prnewswire.com/news-releases/druva-raises-series-a-from-sequoia-capital-90095887.html↩↩↩

  4. Orios Venture Partners, “Portfolio | #BackingMisfits,” accessed May 2026. https://www.oriosvp.com/portfolio↩↩

  5. Inc42, “PharmEasy Backer Orios Venture Returns INR 300 Cr To Investors From Fund I,” January 25, 2024. https://inc42.com/buzz/pharmeasy-backer-orios-venture-returns-inr-300-cr-to-investors-from-fund-i/↩↩↩↩↩

  6. Entrackr, “Orios Venture makes final close of its Select Fund I at $30 Mn,” June 25, 2021. https://entrackr.com/2021/06/orios-venture-makes-final-close-of-its-select-fund-i-at-30-mn/↩

  7. DealStreetAsia, “Indian VC firm Orios Venture Partners closes third fund at $30m,” June 25, 2021. https://www.dealstreetasia.com/stories/orios-venture-partners-24758↩

  8. Inc42, “Orios Venture Partners Postpones Closure Of Third Fund For Second Time,” accessed May 2026. https://inc42.com/buzz/orios-venture-partners-postpones-closure-of-third-fund-for-second-time/↩

  9. Medial, “Orios closes fourth fund below target, onboards key government LP,” April 24, 2025. https://medial.app/news/orios-closes-fourth-fund-below-target-onboards-key-government-lp-1289fc560ebec↩

  10. Inc42, “Orios Sees Exit Of Two Managing Partners; Anup Jain, Rajeev Suri Step Down,” September 18, 2023. https://inc42.com/buzz/orios-exit-two-managing-partners-anup-jain-rajeev-suri-step-down/↩

  11. Inc42, “Amid Wave Of Top-Level Exits At Orios, CFO & COO Gaurav Bindal Calls It Quits,” accessed May 2026. https://inc42.com/buzz/amid-wave-of-top-level-exits-at-orios-cfo-coo-gaurav-bindal-calls-it-quits/↩

  12. Tracxn, “Orios Venture Partners — 2026 Investor Profile, Portfolio, Team & Investment Trends,” accessed May 2026. https://tracxn.com/d/venture-capital/oriosventurepartners/__gJmSVYWeAZQoDSMiQwXtUaDEy5zF8oeyoR_Z1WHtkwA↩↩↩↩↩↩↩

  13. Inc42, “Orios Scores 45X Returns In Partial Exit From Country Delight,” February 7, 2024. https://inc42.com/buzz/orios-scores-45x-returns-in-partial-exit-from-country-delight/↩↩

  14. Inc42, “Orios Venture Partners Partially Exits Battery Smart With 29X Returns,” June 11, 2024. https://inc42.com/buzz/orios-venture-partners-partially-exits-battery-smart-with-29x-returns/↩↩

  15. YourStory, “Truva raises $9M in fresh capital from Stellaris, Orios Ventures and others,” January 2026. https://yourstory.com/2026/01/truva-raises-9m-fresh-funding-stellaris-orios-ventures↩

  16. StartupNews.fyi, “Proptech startup Truva raises $9 million from Stellaris and Orios Venture Partners,” January 15, 2026. https://startupnews.fyi/2026/01/15/proptech-startup-truva-raises-9-million-from-stellaris-and-orios-venture-partners/↩

  17. The CapTable, “Rehan Yar Khan on the recent departures at Orios, fund performance, the VC’s strategy in India and more,” December 2, 2024. https://the-captable.com/2024/12/rehan-yar-khan-orios-venture-partners/↩

  18. YourStory, “Car rental portal Olacabs.com receives first round of angel funding from Anupam Mittal & Rehan yar Khan,” April 2011. https://yourstory.com/2011/04/car-rental-portal-olacabs-com-receives-first-round-of-angel-funding-from-anupam-mittal-a-rehan-yar-khan↩

  19. Quartz India, “One of India’s biggest startups offers a valuable lesson in how to attract angel investors,” accessed May 2026. https://qz.com/india/1656277/ola-angel-investors-zishaan-hayath-rehan-yar-khan-and-anupam-mittal-look-back↩