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We are a skin-in-the-game marketing capital firm.
Early Spring Fund is a SEBI-registered Category II Alternative Investment Fund (reg. IN/AIF2/22-23/1132), managed by Spring Marketing Capital LLP — India's first 'Marketing Capital' firm, co-founded by advertising luminaries Arun Iyer, Raja Ganapathy, and Vineet Gupta. The Early Spring Fund is Spring's second SEBI-registered AIF vehicle (after the flagship 'Spring Fund', a ₹150 crore Series A+ fund), targeting early-stage consumer brands from seed to pre-Series A with cheque sizes of ₹5–20 crore per company. It has a target corpus of ₹300 crore and is anchored by Godrej Consumer Products Limited (GCPL), which committed ₹100 crore. The fund is distinctively structured as a 'marketing capital + financial capital' offering — portfolio companies receive not just investment but direct access to Spring's brand strategy team, creative design, branded content, digital storytelling, and creator ecosystem. Portfolio companies in the Early Spring Fund include SkinInspired, SKINQ, Lucira, FAE Beauty, Cookd, Eat Better Co, Troovy, Hoop, Cava Athleisure, and HyugaLife. The flagship Spring Fund has backed Purplle, Mosaic Wellness, Juicy Chemistry, Wakefit, Giva, Leverage Edu, Jar, and Dhan. Spring operates from its Worli, Mumbai office.
Spring Marketing Capital's philosophy is that India's consumer story is just getting started — and the key enabler for the next wave of insurgent brands is not just capital, but brand building expertise. Spring operates as a 'skin-in-the-game' marketing capital firm: partnering founders to build the brands of tomorrow with a brand-first approach, bringing creative strategy, digital storytelling, and creator-led marketing alongside capital. The firm invests in founders building authentic, differentiated brands in the youth consumer market — where brand discovery is increasingly creator-led and social-validated. The Early Spring Fund specifically targets pre-Series A companies where brand identity is being shaped from scratch, and Spring can create the most distinctive value.
Arun Iyer
Founding Partner
Arun Iyer has 20+ years in advertising, 16 of them at Lowe Lintas where he served as Chief Creative Officer and Chairman. He is a co-founder of Spring Marketing Capital, bringing deep expertise in brand identity, campaign strategy, and creative direction to portfolio companies.
R Narayanan
Founder & Director
R Narayanan is the founder of Vishwaksena Investment Advisors Private Limited and serves as the SEBI contact person for the fund. He is involved in structuring investments, advisory, and capital solutions for growth-stage businesses.
Raja Ganapathy
Founding Partner
Raja Ganapathy has 24+ years of experience working with founders, primarily at Ogilvy and Brand David, where he worked with founders including Muruga of Bharat Matrimony and Siddhartha Lal of Royal Enfield. He co-founded Spring Marketing Capital to partner with the next generation of consumer brand founders.
Vineet Gupta
Founding Partner
Vineet Gupta co-founded and built a digital marketing agency at a time when the category barely existed. He is a co-founder of Spring Marketing Capital and the SEBI-designated contact person for the Early Spring Fund.
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Investments in securities markets are subject to market risks. Read all the related documents carefully before investing. Past performance is not indicative of future returns.
Kaushik Dasgupta
Head – Investments
Kaushik Dasgupta heads Investments at Spring Marketing Capital, leading deal sourcing, due diligence, and portfolio management.
Rohan Talati
Portfolio Partner
Rohan Talati is Portfolio Partner at Spring Marketing Capital, supporting portfolio companies across brand and business strategy.
Antara Raychaudhury
Associate Vice President, Investments
Antara Raychaudhury is Associate Vice President of Investments at Spring Marketing Capital.
Natasha Dhinda
Associate VP, Risk & Compliance
Natasha Dhinda is Associate VP for Risk & Compliance at Spring Marketing Capital.
Vatsal Khullar
Investment Associate
Vatsal Khullar is an Investment Associate at Spring Marketing Capital.