New Delhi, July 29 -- A former Goldman Sachs executive has launched an early-stage venture capital (VC) firm focussed on backing founders building businesses around India's structural challenges, betting that conviction-led investing remains scarce at the pre-seed stage despite the growing number of micro-VC firms, VCCircle has learnt.
Former Goldman Sachs executive director and angel investor Pranshu Dwivedi has launched First and Fast Capital, targeting a corpus of Rs 50 crore ($5.2 million) with a greenshoe option of Rs 10 crore.
The fund expects to complete its first close in the coming weeks and plans to back 20-25 startups, with nearly two-thirds of its investments at the pre-seed stage.
Dwivedi, who spent 12 years at Goldman Sachs before becoming an angel investor, told VCCircle that the idea for the fund emerged after making nearly a dozen personal investments over the past few years.
"Over the last two-three years and nearly a dozen investments of my own, I realised the early-stage ecosystem lacks conviction-driven capital. There are plenty of brokers and fundraising experts willing to help founders for a fee, but very few willing to take that first bet purely based on conviction," he said.
The fund plans to invest up to Rs 2 crore in pre-seed startups for a 6-10% stake, while targeting 2-5% ownership in seed-stage companies. Its limited partner (LP) base comprises high-net-worth individuals (HNIs), founders of listed companies, corporate professionals and family offices that align with the fund's investment philosophy.
Rather than chasing emerging themes, Dwivedi said the firm will focus on founders solving "foundational" problems instead of following market trends.
He cited startups such as Shoonya Recycling, which focuses on reducing India's dependence on imported critical minerals, and Elfina Health, which is building trust infrastructure for mental healthcare, as examples of the kinds of businesses the firm seeks to support.
Dwivedi said he remains cautious about startups built primarily around artificial intelligence, arguing that AI should be viewed as an enabling technology rather than the business itself. "I look almost at AI-immune businesses that will continue to grow in their own right irrespective of the AI boom or bust," he said.
The firm will avoid "me-too" businesses, including undifferentiated quick commerce, cab aggregation and direct-to-consumer brands, where Dwivedi believes it is difficult to identify long-term winners at the earliest stages.
On the broader venture capital market, he said fundraising outside the AI sector remains challenging amid tighter capital conditions and greater investor focus on profitability. However, he expects investment activity to improve from early 2027 as investors gain greater clarity on the macroeconomic environment, geopolitical developments and the long-term impact of AI.
Looking ahead, Dwivedi said First and Fast Capital will remain focussed on pre-seed and seed-stage investing rather than expanding into growth-stage investing. Future funds may include dedicated follow-on vehicles to increase exposure to the firm's best-performing portfolio companies while maintaining long-term relationships with founders.
Published by HT Digital Content Services with permission from VC Circle.