Key Takeaways
- • Capital A, led by founder Ankit Kedia (former promoter at Manjushree Technopack), achieved first close of Fund II at Rs 160 crore ($17 million), representing 50% of its Rs 400 crore ($42.5 million) target with a Rs 100 crore greenshoe option.
- • Fund II marks Capital A's inaugural external capital raise from limited partners; the firm's debut 2021 fund (Rs 250 crore corpus) operated exclusively with founder capital, signaling strategic shift toward institutional growth.
- • Investment thesis spans four sectors—manufacturing, deeptech, climate-tech, and fintech—with ticket sizes of $750,000 to $1 million targeting 15-20 seed to early-stage companies across India.
- • Current portfolio includes seven deployed companies: spacetech startup Manastu Space, aerospace deeptech firm Misochain Technologies, engineering company Quintrans, and methane-to-hydrogen platform Enerzi, with three additional deals in advanced stages.
- • LP base is predominantly domestic, comprising family offices (Steel House, MP Family Office Dubai, Manjushree Ventures), HNWIs (Avyay Jhunjhunwala, Srikar Reddy, Sekhar Boddu), corporate leaders (Siddharth Bafna of Lodha & Co., Deven Bhandari of BU Bhandari Group), and institutional participant Anand Rathi Group; final close targeted for Q2 2026.
Summary
Capital A, a Bengaluru-based early-stage venture capital firm, has announced the first close of its second fund at Rs 160 crore, achieving 50% of its Rs 400 crore ($42.5 million) target including a Rs 100 crore greenshoe option. Founded by Ankit Kedia, a former promoter and director at plastic packaging solutions provider Manjushree Technopack Ltd, the firm launched Fund II in 2024 and expects to reach final close in Q2 2026 following ongoing institutional LP discussions.
Fund II represents a structural evolution for Capital A. Unlike its 2021 debut vehicle, which operated with a Rs 250 crore corpus funded entirely by the founder, the second fund marks the firm's first institutional capital raise from external limited partners. The LP base is predominantly domestic, comprising family offices including Steel House Family Office, MP Family Office (Dubai), Manjushree Ventures Family Office, and high-net-worth individuals such as Avyay Jhunjhunwala, Srikar Reddy, and Sekhar Boddu. Notable corporate leaders including Siddharth Bafna of Lodha & Co. and Deven Bhandari of BU Bhandari Group have committed capital, alongside institutional participation from Anand Rathi Group.
The fund's investment strategy focuses on four thematic areas: manufacturing, deeptech, climate-tech, and fintech, with ticket sizes ranging from $750,000 to $1 million. Capital A intends to deploy across a portfolio of 15-20 seed to early-stage startups. To date, the firm has completed seven investments including spacetech startup Manastu Space, aerospace deeptech firm Misochain Technologies, deep tech engineering company Quintrans, and methane-to-hydrogen conversion platform Enerzi. An additional three deals are in advanced stages of due diligence.
The fund formation reflects growing institutional interest in India-focused deeptech and manufacturing venture capital, with Capital A positioned to capture early-stage opportunities in technology-driven industrialization and climate transition sectors. Management's track record in capital-intensive manufacturing through Manjushree Technopack provides operational credibility for the manufacturing-focused mandate.
Fund II represents a structural evolution for Capital A. Unlike its 2021 debut vehicle, which operated with a Rs 250 crore corpus funded entirely by the founder, the second fund marks the firm's first institutional capital raise from external limited partners. The LP base is predominantly domestic, comprising family offices including Steel House Family Office, MP Family Office (Dubai), Manjushree Ventures Family Office, and high-net-worth individuals such as Avyay Jhunjhunwala, Srikar Reddy, and Sekhar Boddu. Notable corporate leaders including Siddharth Bafna of Lodha & Co. and Deven Bhandari of BU Bhandari Group have committed capital, alongside institutional participation from Anand Rathi Group.
The fund's investment strategy focuses on four thematic areas: manufacturing, deeptech, climate-tech, and fintech, with ticket sizes ranging from $750,000 to $1 million. Capital A intends to deploy across a portfolio of 15-20 seed to early-stage startups. To date, the firm has completed seven investments including spacetech startup Manastu Space, aerospace deeptech firm Misochain Technologies, deep tech engineering company Quintrans, and methane-to-hydrogen conversion platform Enerzi. An additional three deals are in advanced stages of due diligence.
The fund formation reflects growing institutional interest in India-focused deeptech and manufacturing venture capital, with Capital A positioned to capture early-stage opportunities in technology-driven industrialization and climate transition sectors. Management's track record in capital-intensive manufacturing through Manjushree Technopack provides operational credibility for the manufacturing-focused mandate.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.