Incubate Fund India

We build an industry together with founders

Yulu

The leading shared micro-mobility service provider in urban India

ShopKirana

Building India’s largest go-to-market platform for brands

Plum

Health Insurance and health benefits platform for employees

Captain Fresh

Upgrading India's seafood B2B supply chain

We invest as the first believer of founders
We invest to create positive impacts to India
We invest in strong conviction and passion

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Founders First

Founders’ success is our success.
We are always founders first.

Seed & Lead

We Invest at seed stage as a lead investor. We are the first believer of the founders.

Glocal Support

We have offices across 5 countries. We Support founders with global perspectives.

Our team

We are a Partner, not just an Investor

Founder & General Partner

Nao Murakami
Co-Founder & Partner

Masahiko Honma
Principal

Rajeev Ranka
Principal

Dave Kwong

Founder & General Partner

Nao Murakami

Brief – Was consistently covering start-ups in the IT/Internet sector at the Tokyo and NY headquarters of Nomura Securities Group. Lead many start-ups to IPO. Moved to India in 2014, experienced starting a start-up on site. Established Incubate Fund India in 2016, and appointed as a general partner.

Message – India is a country that is rapidly developing, on the other hand, it also still faces a lot of challenges. We want to create start-ups together with the talented local entrepreneurs that will brilliantly solve such problems. I cherish both my point of view as a person born and raised in Japan, a developed country with new problems, and also the local point of view that I obtained in India, I wish to continue to contribute to the development of the startup ecosystem of India and therefore Asia as a whole.

Education – B.A. Political Science, University of Illinois at Urbana-Champaign
Location – Bangalore

Co-Founder & Partner

Masahiko Honma

Brief – After graduating from university, carried out investment operations in IT companies in Silicon Valley at JAFCO’s overseas investment arm. After that, he worked for Accenture’s venture capital arm. In 2007, founded Core People Partners, a fund specializing in incubation of internet businesses. In 2010, founded Incubate Fund, appointed as joint partner.

Message – In our position as investors, rather than supervise and manage entrepreneurs, we stand firm in our support of companies we invested in, try to bring success to the business together with the entrepreneurs and be a flat partner to the entrepreneurs as much as possible. The industry of venture capitals is a new and immature industry, although its value expected from society is great. Incubate Fund itself continues to explore the shape of a stronger and new venture capital as an entrepreneur in Japan and Asia.

Education – Graduated Keio University Faculty of Business and Commerce
Location – Tokyo/Singapore

Principal

Rajeev Ranka

Brief – Rajeev’s professional career started as a Business Analyst in BFSI space at Deloitte Consulting & Strategy practice where he assisted Bandhan Microfinance in charting out the roadmap for its banking foray. After that, he worked with SEA based Rocket Internet Portfolio Company, Lazada. Prior to joining Incubate Fund India, Rajeev was heading the Advisory, Investments and Portfolio Management at Lead Angels.

Message – Since college I have been working with emerging entrepreneurs, identifying investable opportunities and have assisted the Singapore Govt. and London Business School Alumni Venture fund (Susses Place Ventures) for Investments. Looking forward to partner with disrupting companies and resilient entrepreneurs in shaping future of India.

Education – B.Tech, IIT Bombay
Location – Mumbai

Principal

Dave Kwong

Brief – Co-founded a gaming media publication in Singapore which he ran for 10 years since he was 14. Left the gaming industry after receiving his diploma and served the Army for 2 years as an Infantry Platoon Commander. Was in LionGold as an M&A analyst in 2013 and went to join RSM Corporate Advisory where he was the fastest promoted junior staff. In 2016, he joined Incubate Fund as an associate.

Message – We always look forward to working together with founders as partners and friends. Founders and Venture Capitalists are 2 sides to the same coin, like strong founders, we always strive to be “strong hands” during down and up times. We seek to uncover opportunities in the market faster than anyone, so we can see from the same perspective as founders. We also want to help founders connect the dot as we leverage on Incubate Fund’s position on the ground in Japan and Asia.

Education – Bsc(Hons), Banking and Finance, University of London
Location – Singapore

Our portfolio

Industry Builders with Strong Conviction and Passion

See All
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CaptainFresh

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GourmetGarden

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Plum

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Saveo

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ShopKirana

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Yulu

Testimonials
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Amit Gupta Yulu Bikes
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Sumit Ghorawat Shop Kirana
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Vivek Jaiswal Saveo

" Japanese investor see India as one of the most strategic market. Incubate Fund India has a deep commitment to the Indian market with it's founding partner Nao-san based here. They bring a vast connection to late stage investor in Japan."

" I feel proud to say ShopKirana was the first investment of Incubate Fund in India. If i were to summarize IF's approach to investing, it would be "taking the journey together". My message to any founder looking to raise seed capital is to find someone who will connect with and believe in your company's vision."

"There are believers who believe in company. There are believers who believe in founders. But, there are only few who go beyond that and share passion, bad moments, and believe in humanity too. Incubate Fund team is one of such. We are fortunate to have a backer like Incubate Fund."

News & Update

Incubate Fund 24/03/2022
PhonePe acquires Incubate backed gig marketplace GigIndia

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Incubate Fund 16/03/2022
Incubate backed Captain Fresh raises $50 mn Series C at $500 mn valuation

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Incubate Fund 31/01/2022
Incubate backed ShopKirana raises $38M in Series C round

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