About Asiana Fund
Asiana Fund is a venture capital firm founded in 2022. It is primarily based out of Mumbai, India. As of Oct 2025, Asiana Fund is an active investor, having invested in 10 companies, with 2 new investments in the last 12 months. It primarily invests in Seed round in India based startups. Its investments are spread across a wide range of sectors from HealthTech to High Tech and Retail. Most recently it participated in the $***** Series A round of WickedGud Overall, Asiana Fund portfolio has seen 2 IPOs and 1 acquisition, namely Addverb, Transrail Lighting and Greenlam Industries. A lot of funds co-invest with Asiana Fund, with names like folkstone.capital sharing a substantial percentage of its portfolio.Key Metrics
Portfolio Count
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Seed, Series A & 2 more
Portfolio IPOs
Portfolio Acquisitions
Portfolio Soonicorns
Asiana Fund's List of Top Investments
Asiana Fund has a portfolio of 10 companies. Their most notable investments are in EndureAir Systems and EndureAir Systems.Their portfolio spans across India and United States. They have invested in HealthTech, High Tech, Retail and 18 other sectors, across stages such as Seed, Series A and 2 more. Here is the list of top investments by Asiana Fund:_1576211215464.png?format=webp&height=120&width=120){kind=logo}
1. Flipspaces
Provider of interior design, product supply, and project management services. They deliver services across interior design and project management. The company offers design visualisation technology providing clients with immersive experiences. They source interior products and construction materials focused on commercial spaces.
Key facts about Flipspaces
- Founded Year: 2011
- Location: Mumbai (India)
- Annual Revenue: ₹319Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series C
- Total Funding till date: $43.8M
- Employee Count: 299 as on Aug 31, 2025
- Investors: IIFL Finance, 360 One and 82 Others
- Latest Funding Round: Series C, Sep 08, 2025, $*****
- Highlight: Editors' Pick
2. Lohum
Recycles lithium-ion batteries and repurposes battery raw materials through low-carbon refining. The company provides single-point lithium-ion battery recycling and reuse solutions. It recovers and recirculates critical battery raw materials, lowering battery costs and reducing reliance on mining. The company offers battery lifecycle management solutions, including recycling used batteries, determining residual value, and facilitating Extended Producer Responsibility (EPR) partnerships. It produces energy storage applications, batteries for low power e-mobility, and high-purity battery raw materials. The company addresses challenges related to battery metal depletion, rising battery waste, geo-disparity of raw materials, reverse logistics, and transparency in refining and recycling.
Key facts about Lohum
- Founded Year: 2018
- Location: Noida (India)
- Annual Revenue: ₹835Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series B
- Total Funding till date: $87.7M
- Employee Count: 300 as on Aug 31, 2025
- Investors: Tracxn Labs, Tandon Group and 107 Others
- Latest Funding Round: Series B, Oct 16, 2025, $*****
- Highlight: Editors' Pick
3. Addverb
Provider of automated warehouse solutions using robotics and software. This company offers a suite of automated systems for material movement, storage, reverse logistics, picking, and sortation. Their solutions incorporate mobile robots, automated storage and retrieval systems (ASRS), and warehouse management systems (WMS). The focus is on improving warehouse productivity, optimizing storage space, and enhancing the efficiency of order fulfillment processes. They also provide fleet management systems for integrated control and monitoring of robotic assets.
Key facts about Addverb
- Founded Year: 2016
- Location: Noida (India)
- Annual Revenue: ₹334Cr as on Mar 31, 2025
- Last Known Valuation: $*****
- Stage: Acquired
- Total Funding till date: $66.9M
- Employee Count: 1,876 as on Feb 28, 2025
- Investors: Reliance Retail, Asiana Fund and 6 Others
- Latest Funding Round: Grant (prize money), Mar 01, 2023, $*****
- Highlight: Acquired
4. Skillmatics
Retailer of learning resources and creative play products for children. The company offers items designed to foster creativity and purposeful play experiences. Customers can sign up to receive notifications regarding website updates.
Key facts about Skillmatics
- Founded Year: 2016
- Location: Covina (United States)
- Annual Revenue: ₹112Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series B
- Total Funding till date: $23.8M
- Employee Count: 257 as on Mar 31, 2026
- Investors: Peak XV Partners, Ambit and 20 Others
- Latest Funding Round: Series B, Apr 25, 2022, $*****
- Highlight: Editors' Pick
5. WickedGud
Online retailer of multigrain pasta and noodles with various flavors. The company provides noodles and pasta that are zero maida and palm oil. The products contain whole wheat, protein, and fiber. The company offers different flavors of noodles and pasta.
Key facts about WickedGud
- Founded Year: 2021
- Location: Thane (India)
- Annual Revenue: ₹13.5Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series A
- Total Funding till date: $8.45M
- Employee Count: 116 as on Aug 31, 2025
- Investors: Ambit, NB Ventures and 151 Others
- Latest Funding Round: Series A, Oct 18, 2025, $*****
- Highlight: Editors' Pick
Asiana Fund's Year-on-Year Investment Trends
Asiana Fund has invested in 10 companies over the last 3 years, with an average of 2 new investments annually in the last 3 years. In 2025, it made 3 investments. Its most recent first time investment was in Lohum and most recent follow-on round was in WickedGud.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 0 | 0 | 0 |
2025 | 2 | 1 | 3 |
2024 | 1 | 2 | 3 |
2023 | 2 | 0 | 2 |
Asiana Fund's Investments by Stage
Asiana Fund has made 2 investments in Seed stage with an average round size of $3.41M, 1 investment in Series A stage with an average round size of $2.36M, 1 investment in Series B stage with an average round size of $11.3M and 1 investment in Series C stage with an average round size of $5.9M.Stage of entry | No. of Investments |
|---|---|
Seed | 2 |
Series A | 1 |
Series B | 1 |
Series C | 1 |
Note: We have considered here, only first round of investments
Asiana Fund's Investments by Sector
Asiana Fund has a diverse portfolio, with companies operating in the Consumer, High Tech, Aerospace, Maritime and Defense Tech, Consumer Goods and Energy Tech. Notably, it has invested in 8 Enterprise (B2B) companies, 8 Tech companies, 3 Tech hardware companies and at least 2 companies focusing on Consumer (B2C).Sector | No. of Investments |
|---|---|
Consumer | 2 |
High Tech | 2 |
Aerospace, Maritime and Defense Tech | 1 |
Consumer Goods | 1 |
Energy Tech | 1 |
Others | 9 |
Note: We have considered here, only first round of investments
Asiana Fund's Investments by Geography
Asiana Fund has made most investments in India (5).Asiana Fund's recent investments
Asiana Fund has not made any investment in 2026 so far.Here are the most recent investments by Asiana Fund:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Oct 18, 2025 | India | Series A | 5590 | [+36] | |
Oct 16, 2025 | India | Series B | 7212 | ||
Jun 26, 2025 | India | Series C | 2363 | ||
Nov 29, 2024 | India | Series A | 3818 | [+28] | |
Apr 12, 2024 | India | Series A | 1522 | [+1] |
IPOs and Publicly Listed companies in Asiana Fund's Portfolio
2 of Asiana Fund's portfolio companies have become public. Transrail Lighting got listed on the Bombay Stock Exchange (BSE), National Stock Exchange (NSE), in Dec 2024 at marketcap of $680M and Greenlam Industries got listed on the National Stock Exchange (NSE), Bombay Stock Exchange (BSE) at marketcap of undefined.Here are Asiana Fund's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Dec 27, 2024 | - | - | 4851 | |
Mar 02, 2015 | - | - | 6940 |
Acquired companies in Asiana Fund's Portfolio
1 company from Asiana Fund's portfolio has been acquired. The most recent acquisition was Addverb in Jan 2022 by Reliance Retail for $*****.Here are Asiana Fund's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jan 18, 2022 | - | - | 1255 |
Co-investors of Asiana Fund
Over the past 3 years, 344 investors have co-invested in Asiana Fund's portfolio companies. This includes funds and angels.
- Invested before Asiana Fund: Ambit, Dholakia Ventures and 306 others have invested in rounds before Asiana Fund. There are 3 companies where Ambit has invested before Asiana Fund and 2 companies where Dholakia Ventures has invested before Asiana Fund.
- Top Co-investors of Asiana Fund: 13 investors entered a company along with Asiana Fund. These include investors like folkstone.capital (1 company).
- Invested after Asiana Fund: A total of 23 investors have invested in Asiana Fund's portfolio after their investments. Top Investors include Crescent Enterprises (1 company), Panthera (1 company) and SMBC Asia Rising Fund (1 company).
Recent News related to Asiana Fund
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Flipspaces raises Rs 50 Cr from Asiana Fund to expand global footprintYourStory•Jun 26, 2025•Asiana Fund, Flipspaces
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Flipspaces Secures INR 50 Cr Funding From Asiana Fund for ExpansionEnablers•Jun 26, 2025•Flipspaces, Asiana Fund
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Asiana Fund I Sells 2.03% Stake in Transrail LightingMoneycontrol•Jun 12, 2025•Asiana Airlines, Transrail Lighting, Asiana Fund
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WickedGud Bags Rs 20 Cr to Expand Retail Presence in IndiaIndian Retailer•Dec 04, 2024•WickedGud, Orios Venture Partners, Asiana Airlines, Asiana Fund and 4 others
