Summary
In a recent episode of VCs in India, hosted by Dr. Rakesh Bhatia, Nao Murakami and Rajeev Ranka reflect on the evolution of Incubate Fund from its roots in Japan to its growing presence across India and Southeast Asia.
18 July, 2025
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In this episode of VCs in India, hosted by Dr. Rakesh Bhatia, we had a powerhouse duo: Nao Murakami, Founding Partner at Incubate Fund Asia & Partner at SMBC Asia Rising Fund, and Rajeev Ranka, India Partner across both funds. From building seed-stage conviction in Bharat to enabling strategic growth-stage bets with one of Japan’s largest banking groups — this episode dives deep into how Asia is backing India’s future.
Key highlights:
- Incubate Fund’s evolution from a micro fund to a regional seed-stage force with a thesis grounded in Middle India, climate tech, and digitally native business models.
- SMBC’s unique CVC approach: not just writing cheques, but driving real, strategic collaboration through joint initiatives and MOUs.
- Why India is the world’s last large open market with a perfect storm of scale, digitization, and untapped opportunities ready for bold innovation.
- Advice to founders: resilience and adaptability matter more than perfect plans.
For emerging managers and LPs: the time to engage with India isn’t someday — it’s now.
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