As I reflect on 2025, what stands out most is the acceleration of technology across so many dimensions and how profoundly it has shaped our lives. The future holds much to look forward to, and equally, much to approach with responsibility and awareness.

And in India, this acceleration feels especially significant. We are at an inflection point where multiple technology currents are converging deep-tech manufacturing, AI-native software, cybersecurity resilience, space-tech, and a renewed push towards digital public infrastructure. The rise of agentic AI, the formalisation of data ecosystems, and India’s growing ambition in global supply chains are redefining what Indian companies can build for the world. This momentum echoed strongly in our own portfolio.

Chara’s fundraise strengthened India’s stake in rare-earth-free manufacturing. Matters.ai, MeshDefend, and Pype AI continued to lay the foundation for a new wave of agentic AI products — building core infrastructure that will enable enterprises to operate with greater intelligence, automation, and resilience. SuperBryn’s progress underscored the growing importance of reliability and evaluation as voice AI moves from experimentation to real-world deployment. And Digantara’s round marked an important milestone in the rising importance of space surveillance and intelligence.

This year also reaffirmed why ecosystem thinking matters. Through our work on AI in Cybersecurity, the ONDC: Commerce without Boundaries report, SaaS from Scratch, and the Women in AI study, we remained engaged with the critical questions that will shape India’s innovation landscape in the decade ahead — capability, trust, and inclusion.

Entering 2026 holds deeper meaning for us. Kalaari completes 20 years next year, a moment not only to look back, but to recommit to the values that brought us here. Over two decades, we have grown alongside an ecosystem that has made startup innovation and impact a force to celebrate.

I end the year grateful for the work, the people, and the privilege of being part of this journey. Wishing everyone a hopeful, meaningful, and inspiring 2026.

— Vani Kola

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