PixelSky Capital, a secondaries-focused investment fund backed by IndigoEdge and Yumlane founder Hitesh Ahuja, has announced the first close of Rs 150 crore for its debut fund, with a target corpus of Rs 400 crore.
The fund has already deployed capital into two unicorns — investing Rs 40–45 crore each in beauty platform Purplle and logistics firm Porter at valuations of around $1 billion (Rs 8,700 crore). PixelSky plans to make at least three more secondary investments in late-stage startups over the coming quarters.
The firm is currently focused on closing the fund and expects to announce its third investment between October and December 2025. It is targeting new-age businesses approaching profitability, with potential IPO candidates in 2026–27, and evaluating companies valued between $300 million and $1.5 billion.
PixelSky’s limited partners include domestic family offices and HNIs, such as the Kothari family (DSP Group), India Quotient’s Anand Lunia, Sony Entertainment Television cofounder Jayesh Parekh, and several startup founders.
The fund is co-led by Zerin Rahiman (cofounder, IndigoEdge) and Hitesh Ahuja, a former senior executive at private equity firm New Silk Route.
The announcement comes amid a surge in India’s secondary market activity. Recent deals include Ontario Teachers’ Pension Plan’s $40M investment in Darwinbox, a Rs 480 crore round at The Sleep Company (split between primary and secondary), and Porter’s $200M secondary round led by Kedaara Capital and Wellington Management.
By: Arushi Agarwal
