About Encourage Capital
Encourage Capital is a venture capital firm founded in 2014. It is primarily based out of New York City, United States. As of Dec 2024, Encourage Capital has invested in 23 companies. It primarily invests in Seed round in India based startups. Its investments are spread across a wide range of sectors from Financial Services to Energy and Food and Agriculture. Most recently it participated in the $***** Conventional Debt round of Svakarma Finance Overall, Encourage Capital portfolio has seen 7 IPOs and 4 acquisitions including key companies like TriNet, BTG Pactual and Ujjivan SFB. A lot of funds co-invest with Encourage Capital, with names like Accion sharing a substantial percentage of its portfolio. Encourage Capital has team of 13 people including 7 partners.Key Metrics
Team Members
Portfolio Count
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Seed, Series A & 2 more
Portfolio IPOs
Portfolio Soonicorns
Encourage Capital's List of Top Investments
Encourage Capital has a portfolio of 23 companies. Their most notable investments are in Ashv Finance and Annapurna Finance.Their portfolio spans across India, United States, Brazil and 3 more locations. They have invested in Financial Services, Energy, Food and Agriculture and 12 other sectors, across stages such as Seed, Series A and 2 more. Here is the list of top investments by Encourage Capital:
1. TriNet
Provider of HR solutions, payroll processing, and benefits administration services. The company offers professional employer organization and administrative services to help businesses simplify human resources operations. It assists with mitigating risk and providing access to benefits. The company delivers support for payroll, compliance, and related tasks.
Key facts about TriNet
- Founded Year: 1988
- Location: Dublin (United States)
- Stage: Public
- Total Funding till date: $60M
- Employee Count: 4,582 as on Jul 31, 2026
- Investors: Encourage Capital, Initiative Equity Partners and 9 Others
- Latest Funding Round: PE, Jun 01, 2009, $*****
- Highlight: Public
2. BTG Pactual
Boutique investment bank. Financial services group, which along with its subsidiaries, provides asset management, investment banking and wealth management services. Provides investment banking services including underwriting of public and private debt and equity products, advisory services relating to mergers and acquisitions, divestitures, restructurings, and other corporate transactions.
Key facts about BTG Pactual
- Founded Year: 1983
- Location: Sao Paulo (Brazil)
- Stage: Public
- Employee Count: 9,770 as on May 31, 2026
- Investors: Encourage Capital, Newlight Partners and 1 Other
- Latest Funding Round: Post IPO, Jul 28, 2020, $*****
- Highlight: Public
3. NSE
Operator of a stock exchange platform facilitating the trading of equity, derivatives, and debt instruments. This entity provides infrastructure for market participants to engage in the buying and selling of financial securities. It manages clearing and settlement processes to ensure the integrity of transactions across various asset classes. The platform supports the listing of companies and offers tools for market data analysis and investor education. Through its electronic systems, it enables the execution of trades and maintains regulatory oversight to promote fair and transparent market operations.
Key facts about NSE
- Founded Year: 1992
- Location: Mumbai (India)
- Annual Revenue: ₹1,000+ Cr as on Mar 31, 2025
- Stage: Seed
- Total Funding till date: $368M
- Employee Count: 2,159 as on Mar 31, 2026
- Investors: Goldman Sachs, Cipher International and 78 Others
- Latest Funding Round: Unattributed, Jan 2025, $*****
4. Fabindia
Internet first brand of ethnic wear, home furniture, and home decor products. Its product is from community-owned companies. It provides variety of Indian and Western wear for men, women, and children. It also offers jewelry, bags and footwear, home furnishings, gifts, organic food, and personal care products.
Key facts about Fabindia
- Founded Year: 1960
- Location: Delhi (India)
- Annual Revenue: ₹1,000+ Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series B
- Total Funding till date: $46.2M
- Employee Count: 3,076 as on Jul 31, 2026
- Investors: Encourage Capital, Osmium Global and 30 Others
- Latest Funding Round: Series B, Dec 06, 2016, $*****
5. Ujjivan SFB
Provider of banking services including savings accounts loans and insurance. Financial offerings include various deposit accounts, fixed deposits, and recurring investment plans. Credit products consist of home loans, vehicle financing, gold loans, and micro-mortgages for individuals and businesses. The institution also facilitates foreign currency deposits, remittance services, and life, health, and general insurance products. Digital banking tools enable account management, fund transfers, and bill payments through mobile and internet platforms. Additional services include pension schemes, demat accounts, and wealth management options.
Key facts about Ujjivan SFB
- Location: Bengaluru (India)
- Annual Revenue: ₹1,000+ Cr as on Mar 31, 2024
- Stage: Public
- Total Funding till date: $238M
- Employee Count: 26,555 as on Mar 31, 2026
- Investors: Encourage Capital, CX Partners and 4 Others
- Latest Funding Round: Post IPO, Sep 15, 2022, $*****
- Highlight: Public
Encourage Capital's Year-on-Year Investment Trends
Encourage Capital has invested in 23 companies over the last 18 years, with an average of 1 new investment annually in the last 10 years. Its most recent first time investment was in Ashv Finance and most recent follow-on round was in Svakarma Finance.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 0 | 0 | 0 |
2025 | 0 | 0 | 0 |
2024 | 0 | 2 | 2 |
2023 | 2 | 0 | 2 |
2022 | 0 | 0 | 0 |
2021 | 1 | 1 | 2 |
2020 | 2 | 0 | 2 |
2019 | 0 | 0 | 0 |
2018 | 0 | 0 | 0 |
2017 | 1 | 0 | 1 |
Encourage Capital's Investments by Stage
Encourage Capital has made 2 investments in Seed stage with an average round size of $256K, 2 investments in Series A stage with an average round size of $8.2M, 2 investments in Series E stage with an average round size of $23M and 1 investment in Series B stage with an average round size of $12M.Stage of entry | No. of Investments |
|---|---|
Seed | 2 |
Series A | 2 |
Series E | 2 |
Series B | 1 |
Note: We have considered here, only first round of investments
Encourage Capital's Investments by Sector
Encourage Capital has a diverse portfolio, with companies operating in the Financial Services, Enterprise Applications, Consumer Goods, Energy and FinTech. Notably, it has invested in 10 Enterprise (B2B) companies, 7 Consumer (B2C) companies, 4 Tech companies and at least 2 companies focusing on Social impact.Sector | No. of Investments |
|---|---|
Financial Services | 3 |
Enterprise Applications | 2 |
Consumer Goods | 1 |
Energy | 1 |
FinTech | 1 |
Others | 4 |
Note: We have considered here, only first round of investments
Encourage Capital's Investments by Geography
Encourage Capital has made most investments in India (6), followed by United States where it has made 1 investment.Country | No. of Investments |
|---|---|
India | 6 |
United States | 1 |
Note: We have considered here, only first round of investments
Encourage Capital's recent investments
Encourage Capital has not made any investment in 2026 so far.Here are the most recent investments by Encourage Capital:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Dec 13, 2024 | India | Conventional Debt | 7601 | - | |
Nov 25, 2024 | India | Series A | 9663 | [+1] | |
Dec 06, 2023 | India | Series E | 7352 | - | |
Mar 27, 2023 | India | Series A | 5593 | ||
Dec 23, 2021 | India | Series E | 4909 | [+1] |
IPOs and Publicly Listed companies in Encourage Capital's Portfolio
7 of Encourage Capital's portfolio companies have become public. Ujjivan SFB got listed on the National Stock Exchange (NSE), Bombay Stock Exchange (BSE), in Dec 2019 at marketcap of $906M and TriNet got listed on the New York Stock Exchange (NYSE) at marketcap of $1.09B.Here are Encourage Capital's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Dec 12, 2019 | - | - | 2756 | |
Mar 27, 2014 | - | - | 4006 | |
Apr 01, 2013 | - | - | 7213 | |
Apr 24, 2012 | - | - | 3781 | |
Sep 28, 1995 | - | - | 3913 |
Acquired companies in Encourage Capital's Portfolio
4 companies from Encourage Capital's portfolio have been acquired. The most recent acquisition was Wwe in Apr 2023 by Endeavor for $*****.Here are Encourage Capital's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Apr 02, 2023 | - | - | 7642 | |
Jan 26, 2023 | - | - | 2189 | |
Apr 28, 2015 | - | - | 3335 | |
Oct 21, 2014 | - | - | 1856 |
Team profile of Encourage Capital
Encourage Capital has a team of 13 members including 7 Partners located in United States, Italy and 1 more location. Encourage Capital's team does not sit on the board of any company as of now.Here is a list of top team members in Encourage Capital:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | New York City | - | ||
Partner | Sweet Grass | - | ||
Partner | New York City | - | ||
Partner | Bologna | - | ||
Partner | New York City | - | ||
Partner | Geneva | - | ||
Partner | Canton | - |
Co-investors of Encourage Capital
Over the past 18 years, 170 investors have co-invested in Encourage Capital's portfolio companies. This includes funds and angels.
- Invested before Encourage Capital: SIDBI, SIDBI Venture Capital and 97 others have invested in rounds before Encourage Capital. There is 1 company where SIDBI has invested before Encourage Capital and 1 company where SIDBI Venture Capital has invested before Encourage Capital.
- Top Co-investors of Encourage Capital: 16 investors entered a company along with Encourage Capital. These include investors like Accion (1 company).
- Invested after Encourage Capital: A total of 55 investors have invested in Encourage Capital's portfolio after their investments. Top Investors include Blume Venture (2 companies), Piramal Group (1 company) and OeEB (1 company).
Recent News related to Encourage Capital
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EFL secures Rs 400 crore to boost MSME financingNewsDrum•Apr 04, 2024•Electronica Finance, LeapFrog Investments, Encourage Capital, Aavishkaar Capital and 2 others
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Remote monitoring and data analytics company Medical Informatics raises $17MMobiHealthNews•Nov 29, 2022•Medical Informatics, Intel Capital, Catalio Capital Management, TMC Venture Fund and 6 others
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Encourage Investing LLC Makes New Funding in World Wrestling Leisure, Inc.investidollar.com•Jul 11, 2022•Encourage Capital, Wwe
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Encourage Investing LLC Makes New Funding in TriNet Group, Inc.investidollar.com•Jul 11, 2022•Encourage Capital, TriNet
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Encourage Investing LLC Purchases New Shares in Knowles Co.investidollar.com•Jul 11, 2022•Encourage Capital, Knowles
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Encourage Investing LLC Makes New $234,000 Funding in SEI Investments (NASDAQ:SEIC)investidollar.com•Jul 11, 2022•Encourage Capital, SEI
