US-based VC firm Expert Dojo has launched its third global fund with a target corpus of US$100 million. Of this, US$15 million will be allocated to invest in 20 to 25 early-stage Indian startups during the fiscal year 2026.

The firm will focus on startups in fintech, B2B, SaaS, and AI, with investments ranging from US$50,000 to US$1 million per startup, along with mentorship and access to market networks.

Expert Dojo plans to invest an additional US$30 million in Indian startups over the next two to three years.

The firm recently opened an office in Bengaluru to strengthen its presence in India and boost deal flow and ecosystem collaboration.

Founded in 2014, Expert Dojo has a global portfolio of around 300 startups, including 30 in India, with investments in companies like BHIVE, Zippie, Mugafi, and Cloudworx.

🔗 Source: Inc42

🧠 Food for thought

1️⃣ Indian VC market demonstrates cyclical funding patterns over two decades

Expert Dojo’s $15 million allocation for Indian startups comes as the ecosystem emerges from what the article describes as a “long funding winter,” reflecting historical patterns.

These cycles between exuberance and caution have been a consistent feature of India’s venture capital landscape since it began taking shape around 2006, with the market experiencing multiple such corrections over the past 17+ years1.

Back in 2015, Niren Shah of Norwest Venture Partners similarly warned that “winter is around the corner” for the Indian startup ecosystem, highlighting how these cyclical patterns repeat approximately every 5-7 years1.

The current uptick in fund launches (with over $3.2 billion announced in Q1 2025 alone) represents a familiar pattern of capital influx following periods of investor caution and market correction1.

These cycles have remained consistent even as the Indian startup ecosystem has matured substantially, evolving from early successes like Flipkart and Ola to today’s diverse landscape spanning B2B, SaaS, fintech, and AI sectors.

2️⃣ Shifting investment focus reflects maturing ecosystem dynamics

Expert Dojo’s targeted sectors (fintech, B2B, SaaS, and AI) represent a significant evolution from India’s early VC landscape that predominantly backed consumer internet companies.

During the 2006-2015 period, major success stories were primarily consumer-facing businesses like Flipkart, Snapdeal, and Ola, which dominated the $15 billion invested across over 2,000 startups in that era1.