About MIPL
MIPL is a venture capital firm founded in 1946. It is primarily based out of Mumbai, India. As of Mar 2025, MIPL has invested in 30 companies. It primarily invests in Seed round in India based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to EdTech and Retail. Most recently it participated in the $***** Series B round of Wellbeing Nutrition Overall, MIPL portfolio has seen 1 unicorn, 1 IPO and 12 acquisitions including key companies like Fractal Analytics, InMobi and Wellthy Therapeutics. A lot of funds co-invest with MIPL, with names like Karan Maheshwari sharing a substantial percentage of its portfolio. MIPL has team of 9 people including 2 partners.Key Metrics
Team Members
Portfolio Count
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Seed, Conventional Debt & 1 more
Portfolio IPOs
Portfolio Acquisitions
Portfolio Unicorns
Portfolio Soonicorns
MIPL's List of Top Investments
MIPL has a portfolio of 30 companies, one of which is a Unicorn. Their most notable investmentis in PhealTheir portfolio spans across India, United States, Belgium and 1 more locations. They have invested in Enterprise Applications, EdTech, Retail and 19 other sectors, across stages such as Seed, Conventional Debt and 1 more. Here is the list of top investments by MIPL:
1. Ekincare
Provider of employee health benefits platform offering health and wellness programs. The platform facilitates health checks, telemedicine, pharmacy delivery, and mental health support. It also provides access to fitness centers, medical rooms, and healthcare financing options. The platform offers customized engagement and data-driven insights through real-time dashboards.
Key facts about Ekincare
- Founded Year: 2015
- Location: Hyderabad (India)
- Annual Revenue: ₹93Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series B
- Total Funding till date: $27M
- Employee Count: 183 as on Aug 31, 2025
- Investors: Sabre Partners, Eight Roads Ventures and 41 Others
- Latest Funding Round: Series B, Feb 25, 2025, $*****
- Highlight: Editors' Pick
Provider of enterprise artificial intelligence solutions across multiple industries. The company offers artificial intelligence, engineering, and design expertise to solve business problems. It assists enterprises in overcoming artificial intelligence barriers and scaling beyond initial pilot programs. The company delivers value for artificial intelligence investments through automated solutions and scalable platforms.
Key facts about Fractal Analytics
- Founded Year: 2000
- Location: New York City (United States)
- Annual Revenue: ₹2,820Cr as on Mar 31, 2025
- Stage: Public
- Total Funding till date: $325M
- Employee Count: 6,806 as on Mar 31, 2026
- Investors: Apax, White Oak and 22 Others
- Latest Funding Round: Series D, Jan 05, 2022, $*****
- Highlight: Public
3. InMobi
Provider of advertising solutions and platforms for brand building and growth. The company offers tools and expertise to inspire connections that grow brands on mobile. It provides solutions for media buyers and owners. The company also focuses on acquiring and growing high-value users for mobile applications. It helps to unlock more value from advertising inventory.
Key facts about InMobi
- Founded Year: 2007
- Location: Bengaluru (India)
- Annual Revenue: $220M as on Mar 31, 2024
- Valuation: $*****
- Stage: Series D
- Total Funding till date: $266M
- Employee Count: 733 as on Jun 30, 2025
- Investors: TriplePoint Capital, SoftBank Group and 44 Others
- Latest Funding Round: Conventional Debt, Dec 04, 2025, $*****
- Highlight: Editors' Pick
Provider of a health monitoring app for chronic health patients and providers. The platform allows gets integrated into the smart devices for tracking and monitoring the health vitals of patients. The data can be remotely visualized by providers, and caregivers for tracking patients' diabetic health, hypertension, heart failure, and more. It provides a lifestyle management program for people with chronic diseases like chronic kidney disease (CKD). It also offers the provider dashboard to keep track of their patient's progress.
Key facts about Wellthy Therapeutics
- Founded Year: 2015
- Location: Mumbai (India)
- Annual Revenue: ₹6.84Cr as on Mar 31, 2025
- Last Known Valuation: $*****
- Stage: Acquired
- Total Funding till date: $8.91M
- Employee Count: 25 as on Aug 31, 2025
- Investors: India Infoline, IIFL Finance and 32 Others
- Latest Funding Round: Seed, Jun 15, 2023, $*****
- Highlight: Acquired
5. NSE
Provider of stock exchange services. It offers a diverse range of products and services including Equities, Derivatives, Currency Derivatives, Debt Securities, Exchange-Traded Funds, Indices, IPOs, Mutual Funds, Corporate Bonds, Government Securities, EBP, Tri-party Repo, Clearing and Settlement. It also provides live share/stock market updates, news, charts, analysis, IPO information, and offers various tools and resources for investors and traders.
Key facts about NSE
- Founded Year: 1992
- Location: Mumbai (India)
- Annual Revenue: ₹16,400Cr as on Mar 31, 2024
- Stage: Late Stage
- Total Funding till date: $483M
- Employee Count: 1,873 as on Apr 30, 2025
- Investors: Cipher International, Encourage Capital and 75 Others
- Latest Funding Round: Unattributed, Jan 2025, $*****
MIPL's Year-on-Year Investment Trends
MIPL has invested in 30 companies over the last 15 years, with an average of 0 new investment annually in the last 10 years. In 2025, it made 1 investment. Its most recent first time investment was in Wellbeing Nutrition.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 0 | 0 | 0 |
2025 | 1 | 0 | 1 |
2024 | 0 | 0 | 0 |
2023 | 0 | 0 | 0 |
2022 | 1 | 0 | 1 |
2021 | 1 | 0 | 1 |
2020 | 0 | 0 | 0 |
2019 | 0 | 0 | 0 |
2018 | 1 | 0 | 1 |
MIPL's Investments by Stage
MIPL has made 6 investments in Seed stage with an average round size of $649K, 2 investments in Conventional Debt stage with an average round size of $39.7M and 2 investments in Series B stage with an average round size of $6.26M.Stage of entry | No. of Investments |
|---|---|
Seed | 6 |
Conventional Debt | 2 |
Series B | 2 |
Note: We have considered here, only first round of investments
MIPL's Investments by Sector
MIPL has a diverse portfolio, with companies operating in the Enterprise Applications, HealthTech, Vertical SaaS, EdTech and Retail. Notably, it has invested in 17 Enterprise (B2B) companies, 16 Tech companies, 13 Consumer (B2C) companies and at least 11 companies focusing on Software.Sector | No. of Investments |
|---|---|
Enterprise Applications | 5 |
HealthTech | 3 |
Vertical SaaS | 3 |
EdTech | 2 |
Retail | 2 |
Others | 9 |
Note: We have considered here, only first round of investments
MIPL's Investments by Geography
MIPL has made most investments in India (9), followed by Singapore where it has made 1 investment.Country | No. of Investments |
|---|---|
India | 9 |
Singapore | 1 |
Note: We have considered here, only first round of investments
MIPL's recent investments
MIPL has not made any investment in 2026 so far.Here are the most recent investments by MIPL:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Mar 11, 2025 | India | Series B | 1794 | [+2] | |
Aug 02, 2022 | India | Seed | 2143 | [+1] | |
Jun 22, 2021 | India | Seed | 5131 | [+27] | |
Mar 05, 2018 | India | Seed | 6139 | [+14] | |
Feb 01, 2016 | India | Seed | 5121 | [+8] |
Unicorns in MIPL's Portfolio
MIPL has 1 unicorn in its portfolio - InMobi. The most recent unicorn in their portfolio is InMobi which became a unicorn in 2011, 14 years before MIPL first invested in it.Here is a list of unicorns in MIPL's portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
76 | Provider of advertising solutions and platforms for brand building and growth | 2007 | Bengaluru | Series D | zrxig{p |
IPOs and Publicly Listed companies in MIPL's Portfolio
1 of MIPL's portfolio company became public - Fractal Analytics. It got listed on the Bombay Stock Exchange (BSE), National Stock Exchange (NSE), in Feb 2026 at marketcap of $1.7BHere are MIPL's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Feb 16, 2026 | - | - | 5725 |
Acquired companies in MIPL's Portfolio
12 companies from MIPL's portfolio have been acquired. The most recent acquisition was Wellbeing Nutrition in Feb 2026 by USV India for $*****.Here are MIPL's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Feb 12, 2026 | Mar 11, 2025 | Series B | 3130 | |
Feb 12, 2024 | Mar 05, 2018 | Seed | 9305 | |
Oct 13, 2022 | - | - | 9140 | |
Sep 06, 2021 | - | - | 9492 | |
Aug 16, 2021 | - | - | 7901 |
Team profile of MIPL
MIPL has a team of 9 members including 2 Partners located in India. MIPL's team does not sit on the board of any company as of now.Co-investors of MIPL
Over the past 15 years, 270 investors have co-invested in MIPL's portfolio companies. This includes funds and angels.
- Invested before MIPL: ACG Group, Touchstone Equities and 78 others have invested in rounds before MIPL. There are 2 companies where ACG Group has invested before MIPL and 1 company where Touchstone Equities has invested before MIPL.
- Top Co-investors of MIPL: 153 investors entered a company along with MIPL. These include investors like Karan Maheshwari (4 companies).
- Invested after MIPL: A total of 37 investors have invested in MIPL's portfolio after their investments. Top Investors include Saama Capital (2 companies), Ventureast (1 company) and Endiya Partners (1 company).
Recent News related to MIPL
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Edtech startup Whiz League raises $300K in seed roundYourStory•Aug 12, 2021•Whiz League, ITI Growth Opportunities, SAE, MIPL
