Iq Alpha V — India Quotient | wisefolio

Iq Alpha V

EQ, IQ, and IndiaQ

IN/AIF2/24-25/1651Cat II

Private equity, private credit and real-estate funds that don't employ leverage except for operating needs. The largest AIF category.

Overview

About

IQ Alpha V (IN/AIF2/24-25/1651) is a SEBI-registered Category II AIF — the fifth fund of IndiaQuotient, managed by India Quotient Advisers LLP. This is IndiaQuotient's largest fund to date. India Quotient Advisers LLP acts as Investment Manager to the below SEBI-registered AIFs. IQ Alpha V closed at USD 129 million in October 2025, making it IndiaQuotient's largest fund. The fund-building leadership was expanded as part of the Fund V close: Kanika Agarrwal and Sahil Makkar were promoted to Partner. The fund continues IndiaQuotient's pre-seed and seed stage investment strategy across consumer internet, fintech, SaaS, and healthtech, investing in companies building for Indian consumers. Registered address: 3rd Floor, J.K. Plaza, 788, 12th Main Road, Indiranagar, Bengaluru – 560038. SEBI contact: Madhukar Sinha (Founding Partner).

Investment Philosophy

IndiaQuotient's Fund V philosophy remains unchanged: look for founders with EQ, IQ, and IndiaQ. The firm invests at the paper stage with as much conviction as when a company has users, at pre-seed and seed — enabling many portfolio founders to skip the angel round entirely. IndiaQuotient does not pressure companies for up-rounds, high dilution, or early liquidity. The fund is sector-agnostic within consumer tech and B2B software, with a strong preference for founders from India's middle class who understand the Indian consumer deeply.

Team— 5

Madhukar Sinha

Founding Partner, IndiaQuotient

Madhukar Sinha is a Founding Partner of IndiaQuotient, bringing investment management experience from a prior role as Senior Investment Manager at Aavishkaar — an impact-focused micro-venture capital firm. He holds a Masters in Agribusiness from IIM Lucknow (2006–2008). He has been central to building IndiaQuotient's consumer internet and fintech investment thesis.

Anand Lunia

Founding Partner, IndiaQuotient

Anand Lunia is a Founding Partner of IndiaQuotient. Before co-founding the firm, he made an early angel investment in Rebel Foods (one of the world's largest cloud kitchens). He was previously a partner at Seedfund, known for exits in CarWale and RedBus. He co-founded an edtech company which he exited in 2005. He believes 'Entrepreneur is the king. Not the VC.' and that living the Indian middle-class life is an investor's superpower.

Gagan Goyal

General Partner, IndiaQuotient

Gagan Goyal is a General Partner at IndiaQuotient, joining the founding team to strengthen deal sourcing and portfolio support across the firm's early-stage investment platform.

Kanika Agarrwal

Partner, IndiaQuotient (promoted 2025)

Kanika Agarrwal was promoted to Partner at IndiaQuotient in 2025 as part of the firm's leadership expansion alongside the Fund V close.

Sahil Makkar

Partner, IndiaQuotient (promoted 2025)

Sahil Makkar was promoted to Partner at IndiaQuotient in 2025 as part of the leadership expansion alongside the Fund V close.

Registration

SEBI Registration

SEBI-registered

Reg. NumberIN/AIF2/24-25/1651

VintageDec 2024 · 1 yr old

Valid ToPerpetual

Contact PersonMadhukar Sinha

Address3rd Floor, No. 788, J.K. Plaza, 12th Main Road, Indiranagar, Bangalore, Karnataka, 560038

Insights

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Disclaimer

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