Growth equity fund research profile
EAAA Discovery Fund I is a dedicated India growth-equity vehicle launched in 2022 by EAAA India Alternatives. It backs mid-stage businesses with established product-market fit and institutional-growth potential. Public disclosures attribute six portfolio companies to the fund and document early liquidity from three of them.
At a glance
Research profile
Open a section to inspect the evidence. The first view starts with the investment point of view; the rest stays quiet until you need it.
Investment lens
EAAA Discovery Fund I uses a growth equity; mid-stage businesses approach across Consumer, financial services, healthcare, technology.
Current evidence
EAAA’s September 2026 strategy update identified Shadowfax, Kusumgar, RentoMojo, GIVA, Renee Cosmetics and ProcMart as Discovery Fund I portfolio companies, reported 1.8x TVPI within four years of first close, and described 2026 listings for Shadowfax and Kusumgar plus a partial RentoMojo exit.
Strategy
Growth equity; mid-stage businesses
Sector focus
Consumer, financial services, healthcare, technology
AIF structure context
Indian private equity, growth, buyout and many real-asset strategies are commonly structured as Category II AIFs. Verify the specific vehicle and registration before investing.
Current signal
EAAA’s September 2026 strategy update identified Shadowfax, Kusumgar, RentoMojo, GIVA, Renee Cosmetics and ProcMart as Discovery Fund I portfolio companies, reported 1.8x TVPI within four years of first close, and described 2026 listings for Shadowfax and Kusumgar plus a partial RentoMojo exit.
Investor questions
EAAA Discovery Fund I is covered in Rupeia's private equity research universe. The current public record describes the strategy as Growth equity; mid-stage businesses, with a sector focus of Consumer, financial services, healthcare, technology. The profile should be read with the linked source trail and Typical route: Category II AIF context.
The profile displays only company or asset names attributable to EAAA Discovery Fund I in the reviewed public sources: Shadowfax; Kusumgar; RentoMojo; GIVA; Renee Cosmetics; ProcMart. It does not represent a complete current portfolio unless the manager has published one.
EAAA reported 1.8x TVPI within four years of first close. Shadowfax and Kusumgar listed in 2026, while RentoMojo completed a partial exit through a public-market transaction; no audited net IRR or DPI is disclosed. These signals are not a substitute for fund- and vintage-specific net performance, realised distributions and audited or administrator-supported reporting.
Public fund size: Not publicly disclosed for Fund I; EAAA reported approximately INR 2,500 crore of FPAUM across Discovery Funds I and II in September 2026.. Public terms or access information: Growth equity for mid-stage Indian businesses; vehicle-level management fee, carry, hurdle, concentration and reserve terms are not publicly disclosed.. Current fees, minimum commitment and availability must be confirmed for the exact named vehicle in its fund documents.
The current source record names Ashish Agarwal; Amit Agarwal; Harish Agarwal. Verify current roles, departures, attribution and key-person provisions before relying on the team history for a new commitment.
Review entry valuation, leverage, governance rights, concentration, execution of the value-creation plan and exit timing. The current open diligence point is: Vehicle-level fee, carry, final commitments, remaining unfunded capital and audited net IRR/DPI are not publicly disclosed. The 1.8x figure is manager-reported TVPI rather than audited net performance..
2026-09-17: EAAA’s September 2026 strategy update identified Shadowfax, Kusumgar, RentoMojo, GIVA, Renee Cosmetics and ProcMart as Discovery Fund I portfolio companies, reported 1.8x TVPI within four years of first close, and described 2026 listings for Shadowfax and Kusumgar plus a partial RentoMojo exit.
Next step
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