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Incubate Fund India is a venture capital firm based in Bengaluru, Karnataka, India, that invests in pre-seed and seed-stage startups. The firm primarily targets deep tech, space tech, fintech (lending, payments, AI), and enablers for tier 2 cities/SMEs across India and Southeast Asia. As part of the Incubate Fund group, managing over $1.5 billion in AUM, its initial Fund I was $3 million and saw at least 12 investments in India within a 2.5-year period. Led by Founder and General Partner Nao Murakami and India Partner Rajeev Ranka, the firm offers hands-on support, bridging Japanese and Indian ecosystems via business matching and strategic investments like the SMBC Asia Rising Fund. Incubate Fund India was founded in 2016 by Nao Murakami.
Key people at Incubate Fund India.
Incubate Fund Asia primarily focuses on seed and pre-seed stage investments. Its geographic scope includes the startup ecosystems of India and Southeast Asia.
Incubate Fund India was established in 2016. It initially specialized in investing in startups within the Indian market, with a founding partner based in the region.
The firm rebranded to Incubate Fund Asia in 2023 to reflect an expanded investment mandate that includes both India and the broader Southeast Asian region, alongside new team members and continued early-stage focus.
Incubate Fund Asia primarily focuses on seed and pre-seed stage investments. Its geographic scope includes the startup ecosystems of India and Southeast Asia.
Incubate Fund India was established in 2016. It initially specialized in investing in startups within the Indian market, with a founding partner based in the region.
The firm rebranded to Incubate Fund Asia in 2023 to reflect an expanded investment mandate that includes both India and the broader Southeast Asian region, alongside new team members and continued early-stage focus.
Key people at Incubate Fund India.
The firm operates as a seed and pre-seed stage focused venture capital fund. It is backed by the Japanese seed-focused fund, Incubate Fund, leveraging this backing to support its investment activities in emerging markets. This structure allows Incubate Fund India to bring a vast network and experience to its portfolio companies.
In 2023, Incubate Fund India underwent a rebranding, changing its name to Incubate Fund Asia. This strategic move was accompanied by the recruitment of new team members and a broader investment mandate. The rebranding reflects an expansion of its geographic focus beyond India to include the wider Southeast Asian region, while maintaining its commitment to early-stage investments.
Incubate Fund Asia continues to support startups at the crucial seed and pre-seed stages. The firm actively engages with its portfolio, including organizing offline events. Its strategy involves identifying promising early-stage companies and providing them with capital and strategic guidance to foster growth across its target markets.
Incubate Fund India has 6 tracked investments across 6 companies. The latest tracked deal is $9.0M Seed in Elixiir Foods in February 2026.
| Date | Company | Round | Lead Investor(s) | Co-Investor(s) |
|---|---|---|---|---|
| Feb 12, 2026 | Elixiir Foods | $9.0M Seed | 3one4 Capital | — |
| Feb 6, 2026 | Ledgerowl | Seed | Skystar Capital | — |
| Jun 6, 2025 | Stride Green | $3.5M Seed | Incubate Fund India, Micelio Fund | — |
| Jul 13, 2023 | AndesInfra Solutions | $1.0M Seed | — | Varun Alagh, Partners Fund Japan, Superb Capital, Bipin Shah |
| Oct 1, 2021 | Tamasha | $3.0M Seed | Karthik Prabhakar | Harsh Shah, Navkiran Singh, Nitish Mittersain, Ramakant Sharma, Siddharth Jain, First Cheque, Founderbank Capital, Good Capital, ICE VC, Pointone Capital |
| Aug 1, 2020 | Captain Fresh | $2.0M Seed | Ankur Capital | — |
