Startup Sherpas

Our approach keeps founders at the heart of everything we do. We areConviction-led: We value independent decision-making and lead all our investments. Long-term partners: We stay fully committed to founders' vision, no matter how long it takes. Sector specialists: We each focus on specific sectors to build a deep, informed point of view that fuels our investment strategy and portfolio support. Transparent: We keep founders in the loop and prioritize honest communication, making us partners they never have to second-guess. Engaged: We believe in staying actively involved through meaningful board participation and functional support. Our journey started like many other startups – in a Bengaluru basement 2016 When we set out to raise our first fund, the Indian VC landscape was shaky at best. Investors were cautious, several foreign VC majors had left the ecosystem, and successful exits were hard to come by. Amidst skepticism about the Indian market, we defiantly believed that the "golden decade" of Indian technology was upon us. We saw an opportunity for VC 2.0 in India – one that was stage-focused, expertise-driven, and committed to prioritizing real growth alongside valuations. Undeterred by a tough fundraising climate, we knocked on 1,200 doors to raise Stellaris’ first fund. These early struggles shaped Stellaris’ culture, allowing us to fully resonate with the fundraising challenges faced by early-stage entrepreneurs. 2017 We launched our first fund of $90 million. From the outset, we established a principle of having specialists on our team, enabling us to tap into deep sector knowledge, spot promising opportunities, and provide tailored support to the companies we backed. Out of our 19 investments in our first fund, 9 surpassed a valuation of $100 million, with several others on track to achieve this milestone. 2021 We closed our second fund of $225M and backed 25 companies, many of which are poised to become the leaders of tomorrow. We also had our first significant exit in the portfolio when 6Sense, a US SaaS company, acquired Slintel, in which Stellaris was the first institutional investor. 2023 Our portfolio company, Mamaearth, which we backed at the Series A stage in 2018, successfully completed its IPO. 2024 We launched our third fund of $300M and are now managing over $600M in assets. We're ready to support the next wave of innovative businesses with the same grit and determination that brought us here.

Our investment package includes a tailored 6-month program designed exclusively for our startups, providing essential tools for scaling within our asset management framework. REASONS TO JOIN THE NCA STARTUP PROGRAM: Product Market Fit: Easy testing with best-in-class commerce industry-related corporates assures working business models for our portfolio companies. Coaching: Coaching & support from passionate and experienced people. They’ve built companies before and are experts in their respective fields. Funding: NCA invests up to EUR 125k in each startup. Additionally, founders get prepped for follow-on investment. We become long-term partners for startups beyond our 6-month program. Ecosystem: Become part of an exclusive ecosystem. The mix of industry experts and like-minded startup founders defines the NCA network.

The 12 Flags Group aims to become the leading consumer investment platform in India. As a first step, we are launching the 12 Flags India Consumer Fund in 2023. The consumer fund will focus on the most promising, early growth businesses in India that we believe we can scale to deliver superior returns. We believe some of these businesses can also go on to become platforms for future growth via category expansion and M & A. Our team has a proven track record of creating categories and brands across the globe. Our core purpose is to be the best partner for the next generation of consumer businesses. India First: Building categories and brands designed for the Indian consumer versus being replicas of western models. Patient, Longterm Capital: To help Indian start ups think longer term and do the right thing, even if it is detrimental to short term profits. Building a “Good” company: To encourage management teams to do build transparency, good governance and right values that create value for ALL stakeholders. Our PrinciplesBest Partner: Invest in companies where we will be the best partner. Values: The values of our firm are responsibility, ownership, entrepreneurship, innovation and partnership. Governance Principles: Our firm’s governance principles are based on trust, mutuality and transparency. Principal Investor: We aim to become the principal investor in our best portfolio companies over time.

Through capital and collaboration, we partner with founders to define the future of commerce. 100-year horizon Long-term progress over short-term gains. We champion companies shaping the next century of commerce. Merchant obsession Centering problem-solving. We build solutions that help with ever-changing merchant and consumer needs. Infinite impact Powering the world’s economies. We help each founder do their life’s work and effect change for people everywhere.

Early-stage venture firm led by experienced investors with a passion for consumer businesses. Your First Institutional Investor: We invest in exciting consumer businesses (& their enablers) from Seed to Series A. Lead with Conviction: We lead rounds; we don’t borrow conviction from others. Sector Focus: Digital Consumer businesses and their Enablers Ticket Size: 'First cheque' sizes of INR 10-150 million Subsequent Rounds: We have reserved significant capital for follow on investment in our portfolio companies Partner of Choice: We’ve been helping founders build businesses through good times and bad for two decades The Story behind the People We have 30+ years of cumulative experience managing third-party capital Partners in several consumer journeys at multiple stages across categories. We have professionally and personally invested across 20+ consumer businesses from seed stage to growth. We believe in marrying rigor with agility and are deeply engaged in value creation with our founders. We are looking to play the long game with people willing to play the long game. PRATH is a labor of love for us to translate our passion for consumer investing into an institution, that we hope, will far outlive and outshine us.

At Kairon Capital, we were founded on a simple but overlooked truth: some of the most enduring consumer businesses in India aren’t chasing headlines, they’re quietly building profitability, product depth, and customer love long before they raise external capital. These are founder-led, disciplined companies that fall between the cracks of early-stage VC and late-stage growth equity, too real for theory, too early for scale capital. We built Kairon to back them. Our belief is that the right moment to invest isn’t when it’s trendy, it’s when clarity meets conviction. That’s the spirit behind our name, inspired by “Kairos,” the Greek concept of perfect timing. We don’t just bring capital. We bring alignment, operational thinking, and a founder-first partnership mindset. We exist to help high-potential consumer brands scale with purpose, and stay resilient long after the market cycles shift. At Kairon, we don’t chase what’s obvious. We partner with what endures. Our Vision To empower a new generation of consumer-focused ventures with timely capital, deep expertise, and unwavering partnership, championing innovations that shape better everyday experiences for millions.