Former investment banker Dhruv Jhunjhunwala has unveiled his new venture, Novastar Partners, an investment firm focused on India’s private markets. The firm is aiming to raise a maiden fund of Rs 350 crore, with an optional green shoe of Rs 150 crore, according to sources familiar with the matter.

Jhunjhunwala, who previously worked with RBC Capital Markets in New York, is an alumnus of the Stern School of Business at New York University. He has evaluated over 100 private equity and technology-driven investment opportunities across sectors including e-commerce, SaaS, gaming, education, and consumer technology. Some of his prior investments include Capillary Technologies, R for Rabbit, AdmitKard, and Kratos Studios.

A Single-Entry Platform for Global Investors

Novastar Partners aims to offer investors a gateway into India’s growing private market ecosystem. By collaborating with investment managers and curating private investment opportunities, the firm seeks to provide a single-entry platform for global investors to participate in India’s growth story.

“Our goal is to allocate capital into highly scalable, capital-efficient companies that demonstrate strong network effects,” Jhunjhunwala said. The firm will focus primarily on technology and tech-enabled businesses, including software, IT services, healthtech, fintech, edtech, artificial intelligence, and deeptech.

The leadership team also features Gaurav Sharma, a Duke University alumnus who previously worked with Bridgewater Associates and Japan-based APL. Sharma highlighted the timely opportunity in India’s private markets, stating, “India is entering its golden age, driven by macroeconomic growth, domestic consumption, and digital adoption. This is a pivotal time for private markets, and we are building a gateway for investors to participate.”

Fundraising and Future Plans

Novastar Partners plans to announce its initial fund partnerships in early 2026. With Jhunjhunwala’s strong track record in evaluating and investing in tech-driven businesses, the firm is positioning itself as a key player in facilitating global investment into India’s booming startup ecosystem.

Analysts note that India’s private markets are increasingly attracting international capital, driven by high growth in technology adoption, strong consumption trends, and a vibrant startup landscape. Novastar Partners’ focus on capital-efficient, scalable businesses aligns with these trends, making it a potentially attractive avenue for investors seeking exposure to India’s growth story

As global investors look to tap into India’s expanding digital economy, Novastar Partners emerges as a platform aimed at connecting private capital with promising Indian ventures. With its first fund targeting Rs 350 crore, the firm is expected to play a notable role in shaping India’s private market landscape over the next few years.