The Helion Lineage: How One VC Helped Shape India’s Venture Capital Architecture

The Indian startup ecosystem has expanded rapidly over the past decade. While success stories are often attributed to founders and market timing, the evolution of the venture capital (VC) ecosystem deserves equal credit. One firm that played an outsized role in this transformation is Helion Venture Partners.

Beyond its investments, Helion contributed to the institutional development of VC in India by producing a generation of fund managers who went on to launch significant venture firms. The result: a network of funds with shared investing experience, complementary philosophies, and a deep understanding of Indian technology markets.

Helion Venture Partners: An Early Institutional Builder

Founded in 2006 by Sanjeev Aggarwal, Ashish Gupta, Rahul Chandra and Kanwaljit Singh, Helion emerged as one of India’s earliest homegrown venture capital firms focused on consumer internet and enterprise technologies.

Over time, Helion raised more than $600 million in India-focused VC capital, deploying funds across early and growth stages.
Helion’s portfolio included notable market makers such as:

• TaxiForSure

• EyeQ

• Ezetap

• Toppr

• BigBasket

• MakeMyTrip

The firm’s conviction in technology-enabled transformation positioned it as an early institutional pillar in India’s startup ecosystem.

The Helion Lineage: Alumni Funds and Their Strategic Focus

Between 2015 and 2017, Helion partners diversified into new investment vehicles. These spinouts did not merely represent career shifts; they resulted in institution-building efforts that helped mature India’s VC ecosystem.

Below is a breakdown of funds directly linked to Helion alumni:

1) Stellaris Venture Partners

Founders: Ritesh Banglani, Alok Goyal and Rahul Chowdhri
All three were key members of Helion’s investing team. Stellaris launched its first fund in 2017 (~$100M) and closed a $300M Fund III in 2024, taking its AUM above $600M—equivalent to Helion’s scale.
Focus: Early-stage technology, SaaS, and consumer internet.

2) Fireside Ventures

Founder: Kanwaljit Singh (Former Senior MD & Co-Founder at Helion)
Fireside Ventures became one of India’s earliest VC firms dedicated to consumer brands, backing companies such as boAt, Mamaearth and Vahdam Teas.
Focus: Digital-first consumer brands.

3) Arkam Ventures

Founders: Rahul Chandra (Co-Founder, Helion) and Bala Srinivasa
Arkam focuses on technology adoption across “Middle India,” investing in mass-market fintech, mobility, health, and agritech solutions. Its maiden fund closed at $106M.
Focus: Bharat-focused, mass market tech.

4) Fundamentum Partnership

Founders: Nandan Nilekani and Sanjeev Aggarwal (Co-Founder, Helion)
Positioned as a scale-up fund, Fundamentum supports companies transitioning from Series B to growth stages, with Fund II closing at $227M in 2022.
Focus: Growth-stage, tech-first businesses.

Why the Helion Lineage Matters for India’s VC Ecosystem

1) Transition from Individual Investing to Institutional Capital

The movement of multiple Helion partners toward independent fund creation emphasizes that venture investing is becoming a long-term, multi-generational profession in India.

2) Diversification Across Capital Stages

Helion’s alumni funds cover the full stack of technology financing:

3) Knowledge Compounding within the Ecosystem

Sector insights, founder networks, and deal-evaluation practices built at Helion now inform multiple investment platforms—creating consistency and maturity in capital allocation.

4) Reduced Reliance on Global VC Dominance

The Helion lineage reflects the growth of domestic institutions, reducing India’s dependence on foreign fund structures for innovation capital.

Conclusion

Helion Venture Partners played an important role in India’s early technology-investment landscape. However, its most lasting contribution may not be its portfolio, but the creation of subsequent venture institutions led by its alumni.

India’s VC infrastructure is transitioning from fragmented investing to institutional continuity—where a single firm can seed multiple funds, each contributing to the market with differentiated strategies.

In effect, Helion has shaped not only companies, but also the architecture of venture capital in India.

References

1. Reuters – Helion raises $255M for third India VC fund

2. Times of India – Exit of Helion partners, formation of Stellaris

3. Entrepreneur – Stellaris closes $300M Fund III

4. VCCircle – Fireside background

5. VCCircle – Arkam Ventures closes $106M fund

6. BW Disrupt – Launch of Fundamentum Partnership

7. Moneycontrol – Fundamentum raises $227M second fund