Welcome to our ‘Fund in Focus’ series where we profile our member VC funds, underscore their investment philosophy, and highlight some of their interesting work. In this exclusive chat with Pearl Agarwal, speak In this exclusive Q&A, Pearl Agarwal, Founder and Managing Director of Eximius Ventures, shares insights into the firm’s journey since its inception in 2020. Discover how Eximius is bridging the funding gap for pre-seed startups, fostering visionary founders, and shaping India’s evolving startup ecosystem with a bold, thesis-driven approach.
Fund In Focus: From Pandemic to Progress: Pearl Agarwal’s Journey in Building Eximius Ventures
Pearl Agarwal, Founder & Managing Partner,Eximius Ventures
Spokesperson: Pearl Agarwal, Founder & Managing Partner, Eximius Ventures
1. Founding a VC firm in 2020 came with unique challenges given the pandemic. What motivated you to start Eximius at that time, and how has the firm evolved since?
Founding a VC firm in 2020 presented unique challenges, especially given the disruptions caused by the COVID-19 pandemic. Economies were reeling, and the startup ecosystem faced significant uncertainty. Many early-stage founders struggled to secure funding as larger funds shifted focus to later-stage investments to mitigate risk. At the same time, the entrepreneurial spirit in India flourished, with innovative ideas emerging from the unique challenges of the pandemic. This environment, coupled with personal experiences and a belief that crises often give rise to opportunities, motivated the launch of Eximius Ventures in March 2021.
Eximius was founded to bridge the funding gap at the pre-seed stage and support visionary founders during uncertain times. Since its inception, the firm has become a trusted partner for pre-seed entrepreneurs, investing in 24 companies across the Fintech, SaaS, Healthtech, and ConsumerTech sectors. Around 50% of these portfolio companies have successfully raised follow-on funding, highlighting their growth and the value Eximius brings as a first institutional investor.
2. For aspiring founders, access to capital is often a major hurdle. How is Eximius addressing this challenge specifically within the Indian market?
Access to early-stage capital is a well-known challenge for Indian entrepreneurs. Many founders, especially at the pre-seed stage, find it difficult to secure the first institutional cheque due to limited access to established networks and a lack of investor confidence in nascent ideas - Eximius was established to address this gap.
We focus on providing the first institutional cheque to founders who have a strong vision but need initial capital to build their product, iterate on their business model, and achieve early traction. What sets Eximius apart is our deep thesis-driven approach, which allows us to identify promising startups early and invest confidently. Beyond capital, we offer hands-on support, from strategic advice to operational guidance, and connect founders with a robust network of industry leaders and potential partners. Additionally, we have funds reserved for follow-on rounds, ensuring that our portfolio companies have the financial backing they need as they scale, alongside connecting them with marquee investors.
3. Eximius Ventures is positioned as a pre-seed stage fund for visionary founders. How would you define a "visionary founder," and what qualities do you specifically look for during initial meetings with founders?
A visionary founder isn’t just someone with a groundbreaking idea—they’re someone who can see the future of their industry and take actionable steps to get there. At Eximius, we’re drawn to founders who combine bold vision with the grit and determination to bring it to life. Vision alone won’t cut it. Founders need to show they can navigate challenges, adapt quickly to changing market dynamics, and learn from missteps along the way.
When we sit down with founders, we’re looking for those with deep domain expertise, who live and breathe the problem they’re solving. They understand their target market, the competitive landscape, and what it takes to stand out. Beyond this, we value founders who are natural problem-solvers—innovative thinkers who aren’t afraid to iterate and refine their product until they nail the solution.
In addition to that, Leadership is key. The best founders attract top talent and build a culture that inspires teams to push boundaries. We also look for unwavering passion and drive—those who are relentless in their mission to create something truly transformative.
At Eximius, we pride ourselves on being the first believers in these visionary founders. We’re not just early capital; we’re a partner on their journey, offering insights, connections, and unwavering support from day one. We’re here to back the bold, and together, we help turn ambitious ideas into global businesses.
4. With plans to invest in 10–12 startups in FY 2024–2025, what are the key growth metrics or milestones you’ll be focusing on in your portfolio companies?
At Eximius, we focus on identifying key indicators of success at the pre-seed stage, where the emphasis lies in evaluating a founder's pedigree, deep market understanding, and the market's capacity to accommodate their product. We seek founders who possess not only an intimate knowledge of their market but also a clear vision to address its unmet needs.
At this stage, early traction is a critical factor. We prioritise metrics such as strong user growth and organic user acquisition, which are clear signals of an initial product-market fit. From there, our focus shifts to validating the business model’s ability to drive sustained revenue growth from the same set of users, ensuring long-term scalability.
5. Could you provide some insight into your portfolio management strategy? How does Eximius balance between providing guidance and allowing founders the autonomy to grow?
At Eximius, our portfolio management strategy is rooted in collaboration. We see ourselves as partners in the founder’s journey rather than traditional investors. Our approach strikes a careful balance between offering value-added support and ensuring that founders retain full autonomy to steer their companies.
We believe in providing strategic guidance on key aspects like fundraising, hiring, and go-to-market strategies. This involves more than just advice—it’s about leveraging our extensive network to connect founders with potential customers, industry experts, and partners who can accelerate their growth. Through our experience-driven founder playbook, we offer actionable frameworks to help navigate the common challenges that startups face, whether it’s refining their product, scaling operations, or breaking into new markets.
Communication is another cornerstone of our strategy. We maintain regular check-ins to stay aligned with the company’s progress while keeping the process non-intrusive. These conversations are designed to be supportive, offering feedback and insights when needed, but always respecting the founder’s vision and decision-making authority.
At the heart of our approach is empowerment. We believe founders are best positioned to make the critical decisions that shape their business. Our role is to be a trusted sounding board, providing them with the tools, insights, and confidence to lead effectively. By combining this strategic support with the freedom to execute their vision, we aim to foster a partnership where founders feel both supported and empowered to grow their companies on their terms. This collaborative, hands-on yet founder-first ethos is what defines Eximius’ commitment to building industry leaders from the ground up.
6. With a second fund launch on the horizon, what unique opportunities or market shifts have you identified that this new fund will address?
Fund II is designed to capitalise on the dynamic opportunities emerging in India’s rapidly evolving startup ecosystem. The acceleration of digital transformation, fuelled by widespread smartphone adoption and increasing internet connectivity, has created fertile ground for innovation. Sectors such as Fintech, AI/SaaS, ConsumerTech and E-Commerce are thriving, each experiencing rapid growth as they respond to the evolving needs of a digital-first economy.
We’re also witnessing an exciting shift in the globalisation of Indian startups. More companies are building products designed for international markets, tapping into global opportunities while leveraging India’s competitive advantages in talent and cost efficiency. This trend has sparked a growing demand for early-stage capital to support startups as they scale beyond borders.
Fund II positions Eximius to play a pivotal role in this evolution. Our thesis-driven approach allows us to identify and back high-potential startups early, providing not only initial capital but also the resources and guidance necessary to navigate their growth journeys. We are focused on leading pre-seed rounds, addressing a clear gap in the ecosystem for a dedicated platform approach at this stage. With a significant portion of the fund reserved for follow-on investments, we’re committed to supporting our portfolio companies as they expand, ensuring they have the financial and strategic backing to become leaders in their respective industries. This fund represents our continued belief in India’s ability to build globally competitive companies and our mission to be the first believers in visionary founders shaping the future.
7. Eximius targets key sectors like Fintech, SaaS, Online Media, Gaming and Healthtech. Could you share what makes these sectors particularly attractive for early-stage investments?
Each of these sectors presents distinctive growth opportunities that align perfectly with our investment thesis. India is undergoing transformative macro trends, including a migration of age with 50% of the population entering the working-age group, rapid urbanisation bringing over 100 million people to cities, and the rise of a middle-income class with higher disposable incomes. Each trend presents distinctive growth opportunities that align perfectly with our investment thesis.
Fintech, for instance, continues to thrive in India, driven by groundbreaking innovations in digital payments, lending platforms, and broader financial inclusion initiatives. The sector benefits from a supportive regulatory environment, the untapped potential of the India Stack with 900 million users yet to be captured, and the growth of FinSaaS models, making it a particularly promising space for early-stage investments.
SaaS is another area where India is making its mark globally. Indian SaaS companies are leveraging the country’s exceptional tech talent and cost efficiencies to build scalable solutions with recurring revenue models. These businesses are solving domestic problems and increasingly catering to global markets, which have seen a notable increase in the adoption of Indian SaaS solutions in 2023, creating significant opportunities for growth and value creation.
In the realm of online media and gaming, the rise in content consumption and the popularity of gaming, particularly among younger demographics, offer immense potential for monetisation and community building. This sector’s ability to foster highly engaged user bases makes it an attractive investment category, with opportunities spanning across new content formats and innovative engagement models.
Healthtech, meanwhile, has experienced a massive surge in adoption following the pandemic. Startups in this space are tackling critical gaps in healthcare delivery, diagnostics, and preventive care, offering innovative digital health solutions that enhance accessibility and efficiency. This sector remains ripe for disruption, with companies poised to redefine how healthcare is delivered and experienced.
These focus areas not only align with our mission to back transformative businesses but also reflect the broader trends shaping India’s startup ecosystem. In addition to these sectors, Eximius is keen to explore opportunities in FrontierTech while remaining committed to investing in pre-seed startups.
8. India’s startup ecosystem is evolving rapidly. How do you view Eximius role in supporting this growth, especially for pre-seed ventures?
Eximius plays a vital role in nurturing India’s startup ecosystem by focusing on the often-overlooked pre-seed stage. As one of the few institutional investors at this level, and the only dedicated pre-seed fund, we are committed to supporting visionary founders from the very beginning. Our mission is to provide not only the capital but also the guidance and resources needed to transform early ideas into scalable businesses. By addressing the funding gap at this crucial stage, we provide a platform to de-risk pre-seed investments, help startups achieve follow-on funding, and raise seed rounds with a sustainable model. This approach ensures startups validate their concepts, achieve product-market fit, and position themselves for future growth.
What sets us apart is our deep sector-specific expertise and extensive network, which give founders a distinct edge in navigating challenges and capitalising on market opportunities. We pride ourselves on being more than just investors—we’re long-term partners dedicated to every step of their journey. Our goal is to contribute meaningfully to the growth and maturity of India’s entrepreneurial ecosystem, enabling founders to build businesses that leave a lasting impact.
9. What advice would you give aspiring Indian founders who may not yet feel ready to pursue funding? How can they prepare for an early-stage VC partnership with Eximius or similar firms?
For aspiring founders, thorough preparation is essential before approaching early-stage VCs. One of the first steps is refining the business model. One needs to clearly articulate your value proposition and ensure that your business model is both viable and scalable. Investors want to see that you have a solid foundation for growth. Equally important is building a strong team. VCs place a high value on a founding team with complementary skills and a shared vision, as it significantly enhances a startup's chances of success.
Demonstrating early traction can also make a compelling case. Even at the pre-seed stage, showcasing tangible progress such as pilot programs, early customer feedback, or a working prototype provides evidence that your idea has real potential. Understanding your market is critical too. Founders must have a comprehensive grasp of their target market, competitive landscape, and the specific problem they’re solving. Lastly, being coachable is a trait that VCs highly appreciate. Founders who are open to feedback and willing to iterate on their ideas are more likely to succeed in the dynamic startup environment.
At Eximius, we go beyond providing capital to help founders succeed. We follow a 3C approach—Content, Capital, and Community—designed to meet the unique needs of pre-seed stage founders. Through our bi-weekly newsletters and funding updates, we offer insights into market trends and the VC perspective. We’ve also rolled out a comprehensive pre-seed guide to equip founders with the strategies they need to navigate their early stages. In addition, our deep thesis pieces on sectors like fintech and gaming, with more in the pipeline, provide targeted knowledge to help founders stay ahead of the curve. This 3C approach ensures that our founders not only secure funding but also gain access to a thriving community and valuable resources that support their growth journey.
10. Lastly, what is your long-term vision for Eximius Ventures? Where do you see the firm’s impact in five to ten years in India's startup ecosystem?
Our long-term vision for Eximius Ventures is to be a driving force in shaping India’s entrepreneurial landscape, setting the standard for what a pre-seed investor can achieve. In the next five to ten years, we aim to be recognised not just for our investments but for the enduring ecosystem we help build—one where founders can access the right capital, insights, and networks to create transformative businesses with global impact.
We see ourselves as more than a venture capital firm. Eximius is committed to becoming a hub for innovation, where founders not only secure early funding but gain access to a thriving community of peers, mentors, and industry leaders. By continually refining our 3C approach; Content, Community, and Cheque Zero - we are evolving alongside the needs of the ecosystem, ensuring that we provide early-stage support and that our portfolio companies are equipped to navigate new challenges and opportunities.
Our focus extends to shaping industries, driving systemic change, and contributing to India’s rise as a global innovation powerhouse. We envision a future where Eximius-backed companies lead in their sectors, create significant employment, and influence markets worldwide, reflecting our belief in the potential of Indian startups to drive meaningful and lasting change on a global scale.