SEBI-encouraged funds — venture capital, SME, social-impact and infrastructure. Close-ended, generally unleveraged.
Incube Connect Fund (IN/AIF1/12-13/0025) is India's first SEBI-registered Social Venture Fund, registered on 23 January 2013 as a Category I AIF under SEBI's AIF Regulations 2012. It was promoted by Incube Ventures Private Limited (Ahmedabad) and is managed by Incube Advisors Private Limited (incorporated 21 October 2011). The fund has a target corpus of INR 200 crore over a 9-year term, investing in socially-oriented companies, SME innovations, and technology-based ventures across four focus sectors: Healthcare Delivery (products and services), Vocational Education and Skill Enhancement, Clean Energy & Eco Business, and Sustainable Rural Business Innovations. The fund is registered at 201, Sarthik Square, Near GNFC Info Tower, S.G. Road, Ahmedabad – 380054. Incube Ventures was established in August 2010 in Ahmedabad by entrepreneur-investors motivated by the question 'What can we give back to society?' They run the Aashray incubator (a NSTEDB-approved Technology Business Incubator and GoG-recognized Nodal Institute for Startups) in partnership with Saath Livelihood Services, EDI of India, and Ashoka Foundation. The trustee is Incube Trustee Company Private Limited (incorporated 13 October 2011).
Iyer
Visionary & Founder – Incube Ventures Pvt. Ltd.
Late Shri Mani Swaminathan Iyer was a visionary leader whose legacy continues to shape the mission and values of Incube Ventures. A pioneering force in India's venture ecosystem, he dedicated over two decades to nurturing research-driven enterprises in pharmaceuticals, biotechnology, and clinical innovation. As a founding board member of the INTAS Group since the early 1990s, Mr. Iyer played a pivotal role in steering it into a global bio-therapeutics powerhouse. A scientist by training and a banker by profession, he brought together a rare blend of technical insight and financial acumen.
Smt Prema Iyer
Founder-Director, Incube Group of Companies; Director, Aashray Incubator
Prema Iyer is the Founder-Director of the Incube Group of Companies (Incube Ventures), focused on nurturing early-stage ventures in affordable medicine, advanced medical technologies, livelihood, energy, and education. She also serves as Director of Aashray Incubator, recognized by GOI-DST and GOG-IC, supporting social enterprises with deep impact. A psychiatric social worker and social researcher with over 20 years of experience, Prema has held key roles in major public health research projects with the Ford Foundation (IIM Ahmedabad) and the World Bank (GIDR).
Shri Rajendra Joshi
Co-Founder & Director – Aashray: Techno Social Incubator
Rajendra Joshi is a veteran social entrepreneur with over three decades of experience working with urban and rural communities in India. He founded Saath in 1989, a nationally recognized NGO focused on livelihood generation, affordable housing, and inclusive development. He continues to serve as Trustee of Saath and Director of Saath Livelihood Services. Rajendra co-conceptualized the pioneering URMILA Domestic Worker Program. At Aashray, he mentors social enterprises creating deep impact at the bottom of the pyramid (BOP).
Shri Sapan Gujarati
Co-Founder & Director – Strategy & Marketing, Incube Ventures Pvt. Ltd.
Sapan Gujarati brings over 23 years of expertise in strategic planning and execution across infrastructure, finance, and innovation ecosystems. He is the Co-Founder and CEO of Hefig Elephas Infratech Pvt. Ltd., offering consulting and investment banking services for thermal power plants, real estate, and industrial projects. At Incube Ventures, he leads strategy and marketing for a Rs. 200 Cr venture capital fund focused on hard innovations in material science, biosciences, and healthcare. He played a key role in establishing Aashray, a techno-social incubator recognized by the Government of Gujarat.
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Shri Ruchir Panchal
Director – Execution & Operations, Incube Ventures Pvt. Ltd.
Ruchir Panchal is a seasoned business leader with over 30 years of experience in business development, public relations, and execution. He serves as Managing Director at Hefig Elephas Infratech Pvt. Ltd., offering consulting and investment banking services for large thermal power plants, real estate, and industrial projects. At Incube Ventures, Ruchir plays a key role in driving execution and operations for a Rs. 200 Cr venture capital fund focused on hard innovation in material science, biosciences, and healthcare. His passion for startups led him to invest in Incube in 2016.
Shri Darshan Kothari
Director – Public Relations, Incube Ventures Pvt. Ltd.
Darshan Kothari is a seasoned entrepreneur and serial investor with deep-rooted experience in trade and commerce across multiple sectors. As Director of Public Relations at Incube Ventures and Aashray, he leads strategic outreach and global networking, leveraging his strong ties across international business communities. He plays an instrumental role in managing investor relations and external communications for the group. He is also a core committee member of the renowned initiative "Dada Saheb na Pagla."
Shri Dharmik Panchal
Director – USA Operations, Incube Ventures Pvt. Ltd.
BBA in Finance
Dharmik Panchal holds a BBA in Finance from the University of North Texas and began his career with Office Depot Inc. and Citi Group in Texas. He transitioned into the hospitality sector, leading operations, project management, budgeting, and marketing across renowned hotel chains including Choice Hotels, Wyndham, IHG, and Carlson Rezidor. At Incube Ventures, he oversees USA operations, supporting cross-border partnerships and driving strategic growth in global markets.
Dr. Sharadbala Joshi
Director M & E (Monitoring & Evaluation)
PhD in Development Planning
Sharadbala Joshi holds a PhD in Development Planning from the Water, Engineering and Development Centre, Loughborough University (UK), with research focused on decision-making and scaling up good practices for urban environmental improvement. With deep expertise in inclusive, community-centered development, she specializes in participatory planning, research, and impact evaluation within urban contexts. Her work emphasizes the strategic upscaling of successful models and providing advisory support for development policies, programmes, and institutional frameworks.
Shri Guru Sowle
AdvisorStrategic Partner – USA Development (GPS Global USA & Incube Ventures India)
Chartered Accountant; FINRA licensed
Guruprasad Sowle is a seasoned global business leader, finance professional, and strategic advisor with deep expertise in cross-border growth and Indo-US business development. As Founder Member & Director (Indo–US Affairs) at IIRF, and Strategic Partner for USA Development between GPS Global USA and Incube Ventures India, Guruprasad plays a pivotal role in expanding Incube's footprint in the US market. He has held senior leadership roles at global consulting giants including PricewaterhouseCoopers and Arthur Andersen. He is licensed and registered with FINRA.
Shri Sandeep Dave
AdvisorStrategic Advisor
Bachelor's degree in Mechanical Engineering
Sandeep Dave is a seasoned business leader with over two decades of experience in sales, marketing, and project management within the multiple industry domains. With deep expertise in ceramics, refractory, and technical ceramics, Waste to Energy, and Renewable Energy, he has successfully led product and project sales for large-scale machinery and industrial ventures across India and international markets. As Strategic Advisor, Sandeep drives strategic partnerships, corporate outreach, and expansion into new domains and geographies.
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