Former New York Investment Banker Dhruv Jhunjhunwala Launches Novastar Partners, Targets $42 Million Fund to Catalyze India’s Tech Growth
What is the news?
Dhruv Jhunjhunwala, a seasoned professional who previously honed his skills at RBC Capital Markets in New York, has launched Novastar Partners, a new investment firm focused squarely on India’s private market ecosystem. The firm is reportedly targeting a maiden fund corpus of Rs 350 crore (approximately $42 million), with a green shoe option of Rs 150 crore.
Jhunjhunwala’s vision is to create a seamless gateway for global investors seeking to participate in India’s “golden age” of growth.
Why is it interesting?
Novastar Partners’ investment thesis is heavily focused on technology and tech-enabled businesses, with key sectors including software, IT services, healthtech, and importantly, the priority areas of Fintech and Artificial Intelligence (AI).
By focusing on highly scalable and capital-efficient companies, the firm aims to allocate capital where it can have the most profound global impact. This initiative, articulated by Jhunjhunwala, demonstrates the critical role the Indian diaspora and the broader founders community are playing in framing India as a global knowledge and innovation hub, not just for talent, but for sophisticated capital and market insights.
Read more: Former banker Dhruv Jhunjhunwala’s Novastar Partners targets Rs 350 Cr fund