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Key people at Bharat Inclusion Seed Fund.
Bharat Inclusion Seed Fund was founded by Kunal Upadhyay (Co-founder and Managing Partner).
Bharat Inclusion Seed Fund backs early-stage companies leveraging technology to build inclusive solutions for India’s Next Half Billion. It provides equity capital to scalable, for-profit models at the idea, seed, or pre-Series A stages, focusing on finance, health, agriculture, education, and livelihood. The fund offers patient capital, guidance, and network access to foster innovative ventures.
The fund's genesis stems from a decade of early investing and startup support at CIIE, incubated at IIMA Ventures, with seed backing from Tata Trusts. Kunal Upadhyay, Shyam Menon, Ashwin Raguraman, and Som Pal Choudhury are integral to its leadership, applying expertise in venture development and impact investment. This strong institutional foundation guides operations.
Bharat Inclusion Seed Fund supports entrepreneurs targeting underserved populations, aiming to deepen inclusion and formalization across India. Its vision is to cultivate new enterprises utilizing technology and fresh thinking to build significant, sustainable businesses. The fund generates lasting impact and propels companies vital for India's socio-economic progress.
Key people at Bharat Inclusion Seed Fund.
Bharat Inclusion Seed Fund was founded by Kunal Upadhyay (Co-founder and Managing Partner).
Bharat Inclusion Seed Fund has 4 tracked investments across 3 companies. The latest tracked deal is $7.2M Series B in Virohan in December 2025.
| Date | Company | Round | Lead Investor(s) | Co-Investor(s) |
|---|---|---|---|---|
| Dec 22, 2025 | Virohan | $7.2M Series B | Hidekazu ITO | Sajith PAI, Takeshi Ebihara |
| Feb 24, 2024 | Virohan | $1.8M Series B Extension | Manoj Kumar, Blume Ventures | Bhargav Suhas Jangle, Pankaj Sharma, Sridhar Subramanian, Upasana Tilak Wadhwa, Vinita Bimbhet, Viraj Nanda, GoldenBird MultiProduct, Mitsui Sumitomo Insurance Venture Capital, Suneight, Vvag Partners |
| Sep 1, 2021 | Manch | $1.0M Seed | Bharat Inclusion Seed Fund | Bharat Innovation Fund, Shashank Deshpande, Pentathlon Ventures |
| Apr 1, 2020 | Setu | $15.0M Series A | Lightspeed Venture Partners, Falcon Edge Capital | — |