
Cat I · Managed by Breathe Capital
Early stage. Tech-centric. Built for India.
SEBI-encouraged funds — venture capital, SME, social-impact and infrastructure. Close-ended, generally unleveraged.
Breathe Capital India Fund (IN/AIF1/24-25/1493) is a SEBI-registered Category I Alternative Investment Fund registered in April 2024, managed by Breathe Capital Advisors Private Limited. Breathe Capital is a sector-agnostic early-stage micro-VC firm founded in 2022 by Shauraya Bhutani and Zubin Mehta, backed by leading family offices in India. The firm invests in seed and Series A technology startups across enterprise applications, retail and consumer, fintech, climate tech, and e-commerce, with a particular focus on business model innovation applicable to developing markets. As of November 2024, Breathe Capital is an active investor with 11 portfolio companies including Cityflo, Zocket, Ultraviolette Automotive, and Pikndel, with 1 acquisition (Alpha Alternatives) in its portfolio. Forbes Asia named Shauraya Bhutani to its 30 Under 30 list in 2023. The fund is headquartered at EC-13, Inderpuri, New Delhi 110012.
Shauraya Bhutani
Co Founder & Partner
Shauraya is a Founder and Partner at Breathe Capital. He is based out of Singapore and has over 8 years of experience working with some of the leading technology companies in Asia. He concurrently holds the position of Co-Founder at Capital Connect Advisors, a boutique investment bank based in Singapore and New Delhi which provides corporate finance, portfolio management and ecosystem services to leading tech founders and investors in Asia. Shauraya has been working alongside companies since early days of the technology wave and has built extensive deal experience, network and industry expertise working with over 100 technology companies across Retail, FinTech, EdTech, HealthTech, Enterprise SaaS and IoT amongst others. His previous experience spans Tech Investment Banking, Renewable Energy, Corporate Finance and Forensic Due Diligence working at North Ridge Partners, Asia Green Capital Partners, BNP Paribas and KPMG. Shauraya was named in the top 50 emerging thought leaders of the tech startup ecosystem in Southeast Asia by e27 and occasionally contributes to or writes thought pieces for Business Times, e27, YourStory, and TechInAsia. He recently released Southeast Asia's first YC-style fundraising playbook for founders, co-published with e27 and covered in the Masters of Cashflow Podcast. Shauraya loves working alongside upcoming founders to help them on their mission to build the future and specifically help them navigate the investment and exit landscape, launch into new markets and connect with key stakeholders.
Zubin Mehta
Co Founder & Partner
FCCA, NISM-certified Alternative Investment Fund Manager
Zubin is a Co-Founder and Partner at Breathe Capital. He is based out of India and has over 15 years of professional experience working across consulting, restructuring and investment advisory. He started his career in the U.K. in 2004 with PwC working in the Audit division and subsequently in the Business Recovery Services division where he was part of the teams providing advisory services on large bankruptcies including Lehman Brothers, MG Rover, Enron amongst others. He subsequently qualified as a Chartered Certified Account (presently FCCA) and was further embedded in large global restructurings at Grant Thornton UK before moving back to India in 2013. In India, Zubin primarily manages a Multi Family Office and Charitable Foundations wherein he deploys and manages a diverse portfolio of assets across public markets, debt, private markets, real estate and structured products. Zubin is also the Managing Director of a MSC-listed NBFC. Zubin is an active participant in India's Tech Sector, being an Angel Investor and LP in some of the leading Venture Capital Funds. He is also NISM-certified as an Alternative Investment Fund Manager, reflecting his expertise in India's securities markets. In addition to the above, Zubin set up the export division of a large primary steel plant in 2013/14. He was part of the team which undertook the restructuring of the steel plant and subsequently, the insolvency process of the same plant. He continues to play a strategic role in restructurings, M&A, IBC (NCLT) related matters.
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