Surat-based B2B textile manufacturing startup Fantail has raised INR 13.75 crore (approx USD 1.6 million) in a seed funding round led by Riverwalk Holdings, Incubate Fund Asia, and All In Capital.
The capital infusion will be deployed to empower partner SMEs in Surat, focusing on enhancing capabilities, upgrading processes and machinery, streamlining backend operations, and acquiring talent across design, quality, and technical roles.
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Incubate Fund Asia founding partner Nao Murakami breaks down the firm’s fund thesis, target sectors, cheque sizes, and exit strategies — and why corporate governance matters more than ever
As global venture capital recalibrates in line with shifting macroeconomics, Incubate Fund Asia is doubling down on India’s underserved but rapidly rising middle-class, says founding partner Nao Murakami. With a third India-dedicated fund in deployment and a fourth on the horizon, the Singapore-headquartered fund is bullish on backing founders with the first institutional cheque, he says. Murakami breaks down the firm’s fund thesis, target sectors, cheque sizes, and exit strategies — and why corporate governance matters more than ever.
(Nao Murakami, Founding partner, Incubate Fund Asia)
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:
For emerging managers and LPs: the time to engage with India isn’t someday — it’s now.
Tokyo-headquartered Incubate Fund is preparing to kick off fundraising for its fourth India-focused fund with a target corpus of $50-75 million by the end of this year, partner Nao Murakami told DealStreetAsia in an interview.
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GreenFortune, a windows and doors manufacturer, has raised $4.5 million (about Rs 39 crore) in a funding round led by Germany-based fund Foundamental, with participation from Titan Capital Winners Fund and existing investor Incubate Fund Asia.
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Glamzy, a beauty omnichannel platform, has launched operations in South India, focusing on tier 2 and 3 cities. The platform combines online shopping with offline stores to address the lack of access to quality beauty products in non-metro areas, the company said in a media release on Tuesday.
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Nao Murakami is a Co-Founder and serves as General Partner at Incubate Fund Asia. He brings a wealth of experience in the IT/Internet startup sector. He honed his expertise at the Tokyo and New York offices of Nomura Securities Group’s Investment Banking Division, successfully guiding numerous tech startups to IPOs. In 2014, he ventured to India, where he gained hands-on experience by launching his own startup. Recognizing India’s potential, he founded Incubate Fund Asia (previously Incubate Fund India) in 2016 and assumed the role of General Partner, further contributing to the growth and success of startups in the region. He earned a B.A. in Political Science from University of Illinois at Urbana-Champaign.
Incubate Fund Asia is one of Japan’s largest venture capital firms specializing in seed-stage investing, backed by a comparatively long track record in this segment of the market. Since its establishment in 2010, the firm has accumulated over 125 billion yen in assets under management and has invested in more than 700 startups. Its extensive history of early-stage investments is often cited as evidence of the trust-based relationships it has cultivated with entrepreneurs and the wider venture capital community.
What inspired you to found Incubate Fund Asia, and what was your vision when you started?
When I first arrived in India in 2014, I interacted with several Indian entrepreneurs and investors who fascinated me deeply. Read More…
Incubate Fund Asia, a sector-agnostic and Japan-origin venture capital firm, has announced the close of its third fund with a corpus of $30 million (about Rs 252 crore), a top executive told TOI.
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Incubate Fund Asia, a Japanese venture capital firm focused on early-stage companies in India and Southeast Asia, has marked the final close of its third fund below its initial aim but is now planning to raise two new vehicles with higher targets, a top executive told VCCircle.
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Incubate Fund, a Tokyo-based venture capital firm, has closed its third India-focused funt at $30 million, below its initial target of $50 million, a top executive at the firm said.
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