Vani Kola, 

It has been a tough year for Kola. In what could have been a marquee exit, after several months of negotiations, Kalaari-backed Snapdeal walked away from a potential sale to Flipkart. Yet Kola has moved up in the rankings for two reasons: Kalaari is one of the most active funds in the country, and has made at least 17 investments so far this year. And two, its portfolio includes some of the biggest names in their spaces, such as Urban Ladder and Your- Story. Kalaari plans to raise its fourth fund and may hit the market early next year.