Montane Ventures

Supporting entrepreneurs who aspire to build world-changing businesses.

Managed by Montane Ventures

IN/AIF1/15-16/0197Cat I

SEBI-encouraged funds — venture capital, SME, social-impact and infrastructure. Close-ended, generally unleveraged.

Overview

About

Montane Ventures (IN/AIF1/15-16/0197) is a SEBI-registered Category I Venture Capital Fund managed by Montane Ventures Private Limited (CIN: U67190MH2015PTC269561), a Piramal Group-backed early-stage venture capital firm founded in 2015 and based in Mumbai. The fund was established with the IL&FS Financial Centre, Plot C-22, G Block, Bandra Kurla Complex as its registered office (with IL&FS Trust Company Ltd. as trustee, contact: Vishwas Pathak) and 8th Floor, Piramal Towers, Peninsula Corporate Park, G.K. Marg, Lower Parel, Mumbai 400013 as its correspondence office (subsequently moved to 4th Floor, Piramal Tower Annexe, Ganpatrao Kadam Marg, Lower Parel, Mumbai 400013). The fund's directors include Nandini Ajay Piramal (Executive Director, Piramal Enterprises Limited), Joshua Alan Bornstein, Kshitish Bapat, and Puneet Gulati — confirming the Piramal Group's involvement. Montane invested in early-stage technology companies across enterprise applications, fintech, life sciences, edtech, and medtech, with operations spanning Mumbai, Bangalore, and Washington DC. The fund made 7–8 investments including GreyAtom (AI/edtech, acquired), Remidio (ophthalmic AI diagnostics), Healthi (employee wellness), Sedemac (automotive electronics), Hybrent (healthcare enterprise systems), and Adori AI. The fund is confirmed closed (PitchBook: last investment November 2019). Key co-investors include Ritesh Arora and Pravega Ventures.

Investment Philosophy

Montane Ventures was dedicated to supporting entrepreneurs who aspire to build world-changing businesses, have the strength to shoulder the responsibility, and persist in the face of daunting odds. The fund focused on early-stage technology companies with a preference for innovative products and technology sectors — targeting Seed and Series A-stage investments in Indian startups with global ambitions, with particular focus on enterprise applications, healthcare technology, and fintech. The fund operated with operations in Mumbai, Bangalore, and Washington DC, reflecting an India-anchored but globally connected thesis.

Team— 5

Nandini Ajay Piramal

Director

Nandini Ajay Piramal is Executive Director of Piramal Enterprises Limited and a Director of Montane Ventures Private Limited, the manager of Montane Ventures AIF. She represents the Piramal Group's involvement in the fund.

Joshua Alan Bornstein

Director

Joshua Alan Bornstein is a Director of Montane Ventures Private Limited.

Kshitish Bapat

Director

Kshitish Bapat is a Director of Montane Ventures Private Limited.

Puneet Gulati

Director

Puneet Gulati is a Director of Montane Ventures Private Limited.

Vishwas Pathak

Trustee Contact (IL&FS Trust Company Ltd.)

Vishwas Pathak was the designated contact at IL&FS Trust Company Ltd., which served as trustee of Montane Ventures AIF from registration (January 2016).

Registration

SEBI Registration

SEBI-registered

Reg. NumberIN/AIF1/15-16/0197

VintageJan 2016 · 10 yrs old

Valid ToPerpetual

AddressIL AND FS Centre Plot C 22, G Block Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra, 400051

Investment Manager

Insights

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Disclaimer

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