About Incubate Fund India
Incubate Fund India is a venture capital firm founded in 2016. It is primarily based out of Tokyo, Japan. As of May 2026, Incubate Fund India is an active investor, having invested in 54 companies, with 10 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 Consumer to Enterprise Applications and Retail. Most recently it participated in the $***** Series A round of Fairdeal Market Overall, Incubate Fund India portfolio has seen 9 acquisitions including key companies like ShopKirana, Tripeur and GigIndia. A lot of funds co-invest with Incubate Fund India, with names like 3one4 Capital sharing a substantial percentage of its portfolio. Incubate Fund India has team of 12 people including 3 partners.Key Metrics
Team Members
Portfolio Sectors
Rounds of Entry
Seed, Series A & 2 more
Portfolio Acquisitions
Portfolio Soonicorns
Deals in last 12 months
Incubate Fund India's List of Top Investments
Incubate Fund India has a portfolio of 54 companies. Their most notable investments are in Intellend Technologies Advisors and Green Fortune.Their portfolio spans across India, Japan, United States and 3 more locations. They have invested in Consumer, Enterprise Applications, Retail and 25 other sectors, across stages such as Seed, Series A and 2 more. Here is the list of top investments by Incubate Fund India:
1. Yulu
Platform offering shared electric two-wheeler rentals. It provides dockless, low-speed electric bikes for short-distance city travel. It includes battery-as-a-service subscriptions and offers app-based unlocking and real-time ride tracking. The platform aims to reduce urban congestion and emissions while serving both commuters and delivery riders.
Key facts about Yulu
- Founded Year: 2017
- Location: Bengaluru (India)
- Annual Revenue: ₹242Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series B
- Total Funding till date: $135M
- Employee Count: 185 as on May 31, 2025
- Investors: Firebolt Ventures, Northern Arc Capital and 73 Others
- Latest Funding Round: Series B, Jun 29, 2025, $*****
- Highlight: Editors' Pick
2. Plum
Provider of employee health benefits and insurance plans for businesses. The company offers group health, term life, and personal accident insurance. Healthcare options include care programs, telehealth, health checkups, and mental health support. Business insurance includes directors and officers, errors and omissions, and cyber coverage. The company provides benefits management, claims analytics, and budgeting features.
Key facts about Plum
- Founded Year: 2019
- Location: Bengaluru (India)
- Annual Revenue: ₹69.9Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series B
- Total Funding till date: $41.2M
- Employee Count: 449 as on Aug 31, 2025
- Investors: Tiger Global Management, India Internet Fund and 43 Others
- Latest Funding Round: Series B, Mar 16, 2026, $*****
- Highlight: Editors' Pick
Digital first seafood supply chain platform. They digitize every step of the seafood supply chain, from catch and farms to export and retail, aiming for traceability, quality assurance, and reduced waste.
Key facts about Captain Fresh
- Founded Year: 2019
- Location: Bengaluru (India)
- Annual Revenue: ₹3,470Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series C
- Total Funding till date: $231M
- Employee Count: 144 as on Mar 31, 2026
- Investors: Evolvence Equity Partners, Tiger Global Management and 63 Others
- Latest Funding Round: Conventional Debt, Mar 10, 2026, $*****
- Highlight: Editors' Pick
4. ShopKirana
Provider of B2B procurement platform for grocery retailers. The company provides a mobile application to manage orders, payment, delivery, and supply chain across the retail networks. It also offers products like home care, cosmetics, footwear, groceries, apparel, fashion accessories, and more.
Key facts about ShopKirana
- Founded Year: 2015
- Location: Indore (India)
- Annual Revenue: ₹471Cr as on Mar 31, 2025
- Last Known Valuation: $*****
- Stage: Acquired
- Total Funding till date: $59.2M
- Employee Count: 379 as on Aug 31, 2025
- Investors: Oman India Joint Investment Fund, Trifecta Capital and 68 Others
- Latest Funding Round: Series C, Mar 27, 2025, $*****
- Highlight: Acquired
5. Thirdverse
Developer of VR games. It has developed core video games like swords of gargantua which is a sword action game. It is also working on frostpoint VR, proving grounds which is a multiplayer game with different modes like PvP, PvE, and more. These games are available for Oculus, Steam, Viveport platforms. It monetizes through one-time app purchases.
Key facts about Thirdverse
- Founded Year: 2020
- Location: Shinjuku City (Japan)
- Stage: Series D
- Total Funding till date: $41.9M
- Employee Count: 16 as on Apr 30, 2026
- Investors: OKX, Incubate Fund and 23 Others
- Latest Funding Round: Series D, Sep 05, 2025, $*****
- Highlight: Editors' Pick
Incubate Fund India's Year-on-Year Investment Trends
Incubate Fund India has invested in 54 companies over the last 10 years, with an average of 5 new investments annually in the last 10 years. In 2025, it made 9 investments, while as of May 2026, it has made 6 investments in this year. Its most recent first time investment was in Elixiir Foods and most recent follow-on round was in Fairdeal Market.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 4 | 2 | 6 |
2025 | 7 | 2 | 9 |
2024 | 4 | 1 | 5 |
2023 | 5 | 0 | 5 |
2022 | 4 | 5 | 9 |
2021 | 9 | 6 | 15 |
2020 | 5 | 6 | 11 |
2019 | 3 | 3 | 6 |
2018 | 2 | 3 | 5 |
2017 | 7 | 1 | 8 |
Incubate Fund India's Investments by Stage
Incubate Fund India has made 48 investments in Seed stage with an average round size of $2.22M, 1 investment in Series A stage with an average round size of $2.5M, 1 investment in Series B stage and 1 investment in Unattributed stage.Stage of entry | No. of Investments |
|---|---|
Seed | 48 |
Series A | 1 |
Series B | 1 |
Unattributed | 1 |
Note: We have considered here, only first round of investments
Incubate Fund India's Investments by Sector
Incubate Fund India has a diverse portfolio, with companies operating in the Consumer, Enterprise Applications, Retail, FinTech and Food and Agriculture Tech. Notably, it has invested in 45 Tech companies, 33 Consumer (B2C) companies, 22 Enterprise (B2B) companies and at least 19 companies focusing on Software.Sector | No. of Investments |
|---|---|
Consumer | 24 |
Enterprise Applications | 14 |
Retail | 12 |
FinTech | 10 |
Food and Agriculture Tech | 7 |
Others | 65 |
Note: We have considered here, only first round of investments
Incubate Fund India's Investments by Geography
Incubate Fund India has made most investments in India (37), followed by Japan where it has made 7 investments.Country | No. of Investments |
|---|---|
India | 37 |
Japan | 7 |
United States | 3 |
Brazil | 1 |
Indonesia | 1 |
Others | 1 |
Note: We have considered here, only first round of investments
Incubate Fund India's recent investments
Incubate Fund India has made 6 investments in 2026 so far. Fairdeal Market and Elixiir Foods are the latest among them.Here are the most recent investments by Incubate Fund India:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
May 26, 2026 | India | Series A | 2223 | ||
Feb 12, 2026 | India | Seed | 1143 | ||
Feb 12, 2026 | India | Seed | 9399 | ||
Feb 06, 2026 | Indonesia | Seed | 2612 | ||
Jan 20, 2026 | India | Seed | 2084 | [+2] |
Acquired companies in Incubate Fund India's Portfolio
9 companies from Incubate Fund India's portfolio have been acquired. The most recent acquisition was ShopKirana in Jul 2025 by Udaan for $*****.Here are Incubate Fund India's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jul 18, 2025 | Feb 08, 2016 | Seed | 9835 | |
Apr 06, 2023 | Apr 23, 2019 | Seed | 2783 | |
Sep 08, 2022 | Sep 25, 2017 | Seed | 8822 | |
Jun 28, 2022 | Aug 10, 2017 | Seed | 2355 | |
Jun 08, 2022 | Nov 01, 2018 | Seed | 5750 |
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Team profile of Incubate Fund India
Incubate Fund India has a team of 12 members including 3 Partners and 1 Principal located in Singapore, Japan and 1 more location. Incubate Fund India's team does not sit on the board of any company as of now.Here is a list of top team members in Incubate Fund India:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | Singapore | - | ||
Partner | Tokyo | - | ||
Partner | Bengaluru | - | ||
Principal | Singapore | - |
Co-investors of Incubate Fund India
Over the past 10 years, 772 investors have co-invested in Incubate Fund India's portfolio companies. This includes funds and angels.
- Invested before Incubate Fund India: Angel List, Incubate Fund and 177 others have invested in rounds before Incubate Fund India. There are 4 companies where Angel List has invested before Incubate Fund India and 3 companies where Incubate Fund has invested before Incubate Fund India.
- Top Co-investors of Incubate Fund India: 311 investors entered a company along with Incubate Fund India. These include investors like 3one4 Capital (4 companies).
- Invested after Incubate Fund India: A total of 282 investors have invested in Incubate Fund India's portfolio after their investments. Top Investors include Incubate Fund (4 companies), Akatsuki (3 companies) and Angel List (2 companies).
Recent News related to Incubate Fund India
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Solafune raises over 5B yen in Series A round.Startup Log•Mar 10, 2026•Boost Capital Partners, GLOBIS, Solafune, Rice Park Capital Management and 4 others
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Intellend raises $1.2 Mn in seed round led by Incubate Fund AsiaEntrackr•Jan 20, 2026•Atrium, Intellend Technologies Advisors, MVP, M Ventures and 2 others
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Proptech Startup Flent Bags INR 21 Cr To Launch Operations In Mumbai, GurugramInc42•Jan 07, 2026•Flent, Incubate Fund India, Twin & Bull, WEH Ventures and 4 others
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Orthopedic recovery product startup Lumov raises $1.2 Mn led by Incubate FundEntrackr•Dec 08, 2025•IIMA Ventures, Lumov Health, Incubate Fund India, QRG Investments and Holdings and 7 others
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