NuVentures, a Bengaluru-based venture capital firm, has invested in Perplexity, an AI startup, through a secondary transaction.

The investment amount was not disclosed.

Perplexity, founded in 2022 and valued at around US$18 billion, counts SoftBank, Databricks, Nvidia, and Jeff Bezos among its backers.

NuVentures said the deal gives it access to the US AI startup ecosystem.

The firm recently launched a US$75 million fund for investments in the US and India. Its portfolio includes over 47 companies, such as Bigbasket and Acko.

🔗 Source: YourStory

🧠 Food for thought

1️⃣ Secondary transactions offer smaller VCs access to high-growth AI companies

NuVentures’ investment highlights how secondary markets have become crucial for smaller venture funds to access rapidly appreciating AI companies.

Perplexity’s valuation jumped from $520 million in January 2024 to approximately $18 billion by July 2025, creating substantial returns for early investors who may choose to sell portions of their holdings 1.

The company’s annual recurring revenue surged to over $150 million from approximately $35 million just a year ago, demonstrating the rapid scaling that makes secondary purchases attractive despite higher entry valuations 2.

For a smaller fund like NuVentures with its $75 million pool, secondary transactions provide a realistic path to invest in unicorns that have already completed multiple primary funding rounds totaling $1.5 billion 2.

This approach allows regional VCs to gain exposure to Silicon Valley’s high-growth AI companies without competing in the initial funding rounds dominated by larger institutional investors.

2️⃣ Mega-deals dominate AI funding, creating new access challenges

The concentration of AI investment in massive funding rounds is reshaping how venture capital flows to the sector.

Nearly one-third of all venture capital investment in Q2 2025 went to just 16 companies that raised rounds of $500 million or more, while AI startups captured 53% of global VC funding 3.

Recent Perplexity developments