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 Feb 2026, Incubate Fund India is an active investor, having invested in 54 companies, with 11 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 $***** Seed round of Elixiir Foods 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 Count
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 Gourmet Garden 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: DFC, Tracxn Labs and 73 Others
- Latest Funding Round: Series B, Jun 29, 2025, $*****
- Highlight: Editors' Pick
Transforming seafood industry with quality, traceability, and transparent fulfillment. The company consolidates the fragmented seafood industry across supply and demand markets, connecting the dots globally across the seafood supply chain. It aspires to transform the industry by delivering high-quality, traceable, and reliable seafood to customers at transparent fulfillment terms. The company focuses on providing more protein for more people, sustainably. It operates across various supply and demand markets with a distributor presence, offices, and factories. The team thrives on integrity, ownership, and an execution bias, championing collaborative achievements in pursuit of excellence. The company upholds the highest standards of sincerity, takes full responsibility for delivering excellence in seafood sourcing, turns ideas into reality swiftly, believes in achieving greatness together, and continually pushes boundaries to provide the freshest and most efficient seafood solutions.
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: 167 as on Aug 31, 2025
- Investors: Evolvence Equity Partners, Tiger Global Management and 61 Others
- Latest Funding Round: Conventional Debt, Mar 10, 2026, $*****
- Highlight: Editors' Pick
3. 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, Gunosy Capital and 68 Others
- Latest Funding Round: Series C, Mar 27, 2025, $*****
- Highlight: Acquired
4. 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 Jul 01, 2024
- Investors: Incubate Fund, KDDI Open Innovation Fund and 23 Others
- Latest Funding Round: Series D, Sep 05, 2025, $*****
- Highlight: Editors' Pick
5. 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: ₹160Cr 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, Z47 and 63 Others
- Latest Funding Round: Series A, Mar 11, 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 Feb 2026, it has made 5 investments in this year. Its most recent first time investment was in Elixiir Foods and most recent follow-on round was in Flent.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 4 | 1 | 5 |
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 44 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 5 investments in 2026 so far. Elixiir Foods and Elixir 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 |
|---|---|---|---|---|---|
Feb 12, 2026 | India | Seed | 6826 | ||
Feb 12, 2026 | India | Seed | 2722 | ||
Feb 06, 2026 | Indonesia | Seed | 7999 | ||
Jan 20, 2026 | India | Seed | 1736 | [+2] | |
Jan 07, 2026 | India | Conventional Debt | 5171 | [+5] |
Acquired companies in Incubate Fund India's Portfolio
9 companies from Incubate Fund India's portfolio have been acquired. The most recent acquisition were ShopKirana in Jul 2025 by Udaan.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 | 2263 | |
Apr 06, 2023 | Apr 23, 2019 | Seed | 3383 | |
Sep 08, 2022 | Sep 25, 2017 | Seed | 1577 | |
Jun 28, 2022 | Aug 10, 2017 | Seed | 5685 | |
Jun 08, 2022 | Nov 01, 2018 | Seed | 7044 |
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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, 770 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 280 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.startuplog.com•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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