Zeca Fund I — ZeCa Ventures | Wisefolio

Zeca Fund I

Cat II · Managed by ZeCa Ventures

Towards Zero Carbon

Private equity, private credit and real-estate funds that don't employ leverage except for operating needs. The largest AIF category.

Overview

About

Zeca Fund I (SEBI Reg. IN/AIF2/24-25/1762) is the debut Category II AIF of ZeCa Capital (also branded as ZeCa Ventures), a sustainability-focused early-stage venture capital firm founded in 2024 and based in Bengaluru. The fund received SEBI approval in March 2025, with a target corpus of INR 150 crore. It plans to invest in 20–25 startups at the pre-seed to seed stage over four years, with an average ticket size of INR 2–3 crore at valuations of $3–6 million. The fund focuses exclusively on sustainability-driven technology and innovation across four thematic buckets: clean technology and energy (EV batteries, renewable energy, smart grids), sustainability software and SaaS (carbon accounting, ESG reporting), circular economy (waste management, recycling), and sustainable consumer brands. ZeCa ('Zero Carbon') made its first investment in GreenStitch, a sustainability SaaS platform for fashion and textiles, in early 2025, and followed up with Cleevo, an eco-friendly homecare brand, in May 2025. The fund is anchored by LP commitments from Atria Group chairman Sunder Raju and several CXOs in the sustainability space.

Investment philosophy

ZeCa Capital's investment philosophy is premised on the belief that India's path to net-zero carbon by 2070 will create a generation-defining investment opportunity across energy, transport, agriculture, industry, and buildings. The fund invests in companies building scalable technology and software solutions that move industries toward zero-carbon operations, as well as circular economy and sustainable consumer brands. ZeCa's investment discipline requires portfolio companies — outside deeptech — to demonstrate customer traction (revenue and repeats) before receiving investment, ensuring capital is deployed into businesses with validated demand rather than early-stage research.

Team4

Pawan Raj Kumar

Founder & Managing Partner

IIT Delhi (1993), IIM Lucknow (1995)

Pawan (IIT Delhi'93, IIM Lucknow'95) has almost 30 years of experience as a founder leading large scale operations. He is also a seasoned angel investor with a focus on tech-driven startups. Invested in over 40 companies including Agnikul, Centriti, Digital Paani, Good Meetings, Leverage Edu, Lissun.

Aakash Kushwaha

Partner

Aakash Kushwaha (IIT Delhi '12) is a co-founder and partner at ZeCa Capital. He has 11 years of experience in scaling funded startups to $100 million ARR, with previous stints at Cuemath (as Vice President) and Alpha Wave Global-backed companies. He is an angel investor in companies including House of X and Zavya.

Shreya Ravi

Partner

Rank holding Chartered Accountant

Shreya (Rank holding Chartered Accountant) has a strong background in financial leadership & strategy, organizational transformation and transaction advisory. In previous stints, Shreya has partnered with business leadership to set up & scale the Finance function as the Chief Financial Officer at Redseer and worked with PwC in Transactions Services, assisting private equity and large corporates in their evaluation of investments and acquisitions.

Puneet Kinra

SEBI Contact Person

Puneet Kinra is the SEBI-registered contact person for Zeca Fund I, based at the Brigade Cosmopolis Whitefield address in Bengaluru. He has been previously associated with an angel fund registered by SEBI (IN/AIF1/15-16/0171) also listing the same Bengaluru address, suggesting a role in fund administration or legal/compliance for ZeCa.

Registration

SEBI registration

SEBI-registered

SEBI registration no.IN/AIF2/24-25/1762

RegisteredMar 2025 (1 year ago)

Valid untilPerpetual

Contact personPuneet Kinra

AddressD1615 Brigade Cosmopolis Whitefield Main Road , Whitefield Bangalore South, Bangalore, Karnataka, 560066

Investment manager

Insights

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Disclaimer

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