Binny Bansal-Backed 021 Capital Gets Funding From Azim Premji, Flipkart Employees

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021 Capital, an early-stage venture capital fund backed by Flipkart founder Binny Bansal, has made its first close of $32 million (INR 222 crore) according to a media report which cited people familiar with the matter. Over a third of the fund’s corpus came from current and former Flipkart employees along with Wipro chairman Azim Premji’s Azim Premji Foundation as an institutional investor or limited partner.

021 Capital was launched by Sailesh Tulshan, who was the personal investment adviser to Binny Bansal, in 2017. The venture fund aims at investing in early-stage startups across sectors such as biotechnology, agritech, and internet.

A former wealth manager with Client Associates and HDFC Bank, Tulshan has been advising Flipkart founders Sachin Bansal and Binny Bansal on their personal investments through his multifamily office Tsai Shen Capital.

Some of 021 Capital’s limited partners include Myntra and Curefit cofounder Mukesh Bansal, MakeMyTrip India CEO Rajesh Magow, PhonePe’s Sameer Nigam and Rahul Chari, Myntra CEO Ananth Narayanan and former Flipkart executive Mekin Maheshwari. Former senior Facebook and Dropbox executives Ruchi Sanghvi and Aditya Agarwal have also invested in the fund, the report said. The Bengaluru-based firm is targeting a final close of $50 million (INR 347.07 crore) by the end of the year.

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