About ICMG Partners
ICMG Partners is a venture capital firm founded in 2000. It is primarily based out of Singapore, Singapore. As of May 2024, ICMG Partners has invested in 11 companies. It primarily invests in Series A round in India based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to Retail and Consumer. Most recently it participated in the $***** Series A round of Flickstree Overall, ICMG Partners portfolio has seen 1 acquisition, namely Infostellar. A lot of funds co-invest with ICMG Partners, with names like Rakuten sharing a substantial percentage of its portfolio. ICMG Partners has team of 1 people including 1 partners.Key Metrics
Team Members
Portfolio Sectors
Rounds of Entry
Series A, Seed & 2 more
Portfolio Acquisitions
Portfolio Soonicorns
ICMG Partners' List of Top Investments
ICMG Partners has a portfolio of 11 companies. Their most notable investments are in Apnaklub and Ralali.Their portfolio spans across India, Japan, Indonesia and 1 more locations. They have invested in Enterprise Applications, Retail, Consumer and 6 other sectors, across stages such as Series A, Seed and 2 more. Here is the list of top investments by ICMG Partners:
1. TWID
Provider of a platform for aggregating and redeeming reward points. The platform allows users to consolidate reward points from various credit cards, debit cards, and brands. It facilitates the use of these points for savings at checkout with participating merchants. The platform aims to streamline the reward redemption process for consumers.
Key facts about TWID
- Founded Year: 2020
- Location: Bengaluru (India)
- Annual Revenue: ₹10 - ₹50 Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series A
- Total Funding till date: $14.5M
- Employee Count: 102 as on May 31, 2025
- Investors: Rakuten, JAFCO Asia and 10 Others
- Latest Funding Round: Series A, Aug 03, 2022, $*****
- Highlight: Editors' Pick
2. Ralali
Ralali.com is an online B2B marketplace for multi-category products. Product catalog includes health and medical, machinery and industrial parts, office and store supplies, furniture and decorations, electronics, and more. Offers brands like a-one, faber castell, ABB, and more. The company offers mobile applications for Android and iOS platforms.
Key facts about Ralali
- Founded Year: 2013
- Location: Jakarta (Indonesia)
- Stage: Series D
- Total Funding till date: $35.4M
- Employee Count: 116 as on Jun 30, 2026
- Investors: SBI Group, Z Venture Capital and 19 Others
- Latest Funding Round: Series D, Sep 19, 2022, $*****
- Highlight: Editors' Pick
3. Infostellar
Provider of ground based communication services with satellites. It enable the latter to communicate with their satellites without developing or installing their antennae. Its other offerings help companies discover satellite component makers and satellite makers.
Key facts about Infostellar
- Founded Year: 2016
- Location: Tokyo (Japan)
- Stage: Acquired
- Total Funding till date: $21.3M
- Employee Count: 29 as on Jun 30, 2026
- Investors: ITOCHU, Sony Innovation Fund and 17 Others
- Latest Funding Round: Series B, Jan 13, 2022, $*****
- Highlight: Acquired
4. Saveo
Offers a B2B managed marketplace for pharmacies. It provides a centralized platform where pharmacies can procure medicines, including branded generics, surgical supplies, and OTC products, managing the purchasing process and tracking delivery status in real time. The platform offers allopathy, generics, surgical, and ayurvedic medicine and allows businesses to search and order the medicines via the platform.
Key facts about Saveo
- Founded Year: 2019
- Location: Bengaluru (India)
- Annual Revenue: ₹100 - ₹500 Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series A
- Total Funding till date: $20M
- Employee Count: 126 as on Mar 31, 2026
- Investors: BlueMountain Capital Management, India Quotient and 62 Others
- Latest Funding Round: Series A, Mar 11, 2025, $*****
- Highlight: Editors' Pick
5. ShowroomB2B
Provider of an AI-powered platform for apparel sourcing and supply chain. The platform offers features such as demand forecasting, supplier matching, and on-time fulfillment. It provides end-to-end transparency with real-time tracking of production, shipping, and delivery. The platform facilitates scalability, quality assurance, and dynamic pricing insights. It also offers personalized sourcing strategies and sustainability tracking.
Key facts about ShowroomB2B
- Founded Year: 2020
- Location: Noida (India)
- Annual Revenue: ₹50 - ₹100 Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series A
- Total Funding till date: $26.7M
- Employee Count: 21 as on Aug 31, 2025
- Investors: Jungle Ventures, Panthera Peak and 41 Others
- Latest Funding Round: Conventional Debt, Feb 11, 2026, $*****
- Highlight: Editors' Pick
ICMG Partners' Year-on-Year Investment Trends
ICMG Partners has invested in 11 companies over the last 5 years, with an average of 2 new investments annually in the last 5 years. Its most recent first time investment was in Flickstree and most recent follow-on round was in NirogStreet.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 0 | 0 | 0 |
2025 | 0 | 0 | 0 |
2024 | 1 | 0 | 1 |
2023 | 3 | 0 | 3 |
2022 | 5 | 1 | 6 |
2021 | 2 | 0 | 2 |
ICMG Partners' Investments by Stage
ICMG Partners has made 6 investments in Series A stage with an average round size of $5.05M, 2 investments in Seed stage with an average round size of $3.75M, 2 investments in Series B stage with an average round size of $5.05M and 1 investment in Series D stage.Stage of entry | No. of Investments |
|---|---|
Series A | 6 |
Seed | 2 |
Series B | 2 |
Series D | 1 |
Note: We have considered here, only first round of investments
ICMG Partners' Investments by Sector
ICMG Partners has a diverse portfolio, with companies operating in the Enterprise Applications, Retail, Consumer, HealthTech and High Tech. Notably, it has invested in 10 Enterprise (B2B) companies, 10 Tech companies, 7 Software companies and at least 3 companies focusing on Marketplace.Sector | No. of Investments |
|---|---|
Enterprise Applications | 6 |
Retail | 4 |
Consumer | 3 |
HealthTech | 2 |
High Tech | 2 |
Others | 4 |
Note: We have considered here, only first round of investments
ICMG Partners' Investments by Geography
ICMG Partners has made most investments in India (6), followed by Japan where it has made 3 investments.Country | No. of Investments |
|---|---|
India | 6 |
Japan | 3 |
Indonesia | 1 |
Singapore | 1 |
Note: We have considered here, only first round of investments
ICMG Partners' recent investments
ICMG Partners has not made any investment in 2026 so far.Here are the most recent investments by ICMG Partners:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
May 03, 2024 | India | Series A | 2921 | ||
Oct 09, 2023 | India | Seed | 7436 | [+9] | |
Sep 01, 2023 | India | Series A | 7113 | ||
Jan 04, 2023 | India | Series A | 3035 | [+5] | |
Oct 10, 2022 | India | Series B | 4087 | [+3] |
Acquired companies in ICMG Partners' Portfolio
1 company from ICMG Partners' portfolio has been acquired. The most recent acquisition was Infostellar in Jul 2026 by Mitsubishi Electric for $*****.Here are ICMG Partners' portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jul 03, 2026 | Jan 13, 2022 | Series B | 5955 |
Team profile of ICMG Partners
ICMG Partners has a team of 1 member located in Japan. ICMG Partners' team does not sit on the board of any company as of now.Co-investors of ICMG Partners
Over the past 5 years, 296 investors have co-invested in ICMG Partners's portfolio companies. This includes funds and angels.
- Invested before ICMG Partners: Surge, Kunal Naresh Shah and 242 others have invested in rounds before ICMG Partners. There are 2 companies where Surge has invested before ICMG Partners and 2 companies where Kunal Naresh Shah has invested before ICMG Partners.
- Top Co-investors of ICMG Partners: 31 investors entered a company along with ICMG Partners. These include investors like Rakuten (1 company).
- Invested after ICMG Partners: A total of 21 investors have invested in ICMG Partners's portfolio after their investments. Top Investors include ACA Investments (1 company), Scov3 (1 company) and Unity Small Finance Bank (1 company).
Recent News related to ICMG Partners
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Fabrication Bazar raises $3 Mn in pre-Series AEntrackr•Aug 23, 2024•Fabrication Bazar, Ben and Gaws, Physis Capital, ICMG Partners and 2 others
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Showroom B2B, five other startups raise early-stage fundingLivemint•Oct 19, 2023•ShowroomB2B, Jungle Ventures, Accion, Saison Capital and 8 others
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ApnaKlub closes Series A round at $16 MnEntrackr•Jan 12, 2023•Apnaklub, TrueScale Capital, ICMG Partners, Flourish and 5 others
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NirogStreet startup company raises 100 croresTechStory•Nov 20, 2022•NirogStreet, Jungle Ventures, Spiral Ventures, ICMG Partners and 1 other
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Operates "Sikomel", an app that allows restaurants to request preparations, raises 820 million yen in series BTHE BRIDGE•Sep 07, 2022•Shikomel, SIG Venture Capital, Headline, ICMG Partners and 2 others
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TWID set to raise $12 Mn from Rakuten, Google, Surge and othersEntrackr•Aug 02, 2022•TWID, Rakuten, Beenext, Sequoia Capital and 9 others
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In-house knowledge sharing tool "Qast (cast)" operation, raising 450 million yen in series ATHE BRIDGE•Jun 15, 2022•Qast, Dimension Ventures, Archetype Ventures, Mizuho Capital and 2 others
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Indonesia B2B marketplace Ralali closes first tranche of series D roundTech in Asia•Mar 21, 2022•Ralali, SBI Group, ICMG Partners
