Kae Capital
Kae Capital backs Indian founders early across AI, B2B, consumer and deeptech.
Overview
Founded in 2012 by Sasha Mirchandani, Kae Capital is an early-stage venture capital firm headquartered in Bengaluru, with a presence in Mumbai. The firm was built around backing Indian founders before their businesses become obvious institutional bets. Today, Kae invests across Consumer AI, DeepTech, B2B, manufacturing, fintech, healthtech, and enterprise technology, with a focus on companies where technology can create large, scalable businesses.
Investment Focus and Stage
Kae is primarily a first institutional investor, backing companies at the Pre-Seed, Seed and early Series A stages. Its current strategy places strong emphasis on technology that can create new infrastructure or change how established industries operate.
Its investment themes include AI and intelligent automation, manufacturing and industrialisation, B2B commerce, consumer technology, fintech and healthcare. The firm is also increasingly interested in companies applying AI to Indian business environments rather than treating AI as a standalone consumer feature.
Kae takes a concentrated, conviction-driven approach. Instead of building very large portfolios within each fund, it aims to work closely with founders from the first institutional cheque through later stages. It also has a separate Winners Fund structure for making additional investments in companies that show strong potential.
Fund Size and Portfolio
Kae has operated through four principal fund vehicles, alongside its opportunities strategy.
Kae Capital Fund I was the firm's original venture fund. Kae Capital Fund II followed as a Category I AIF, while Kae Capital Fund III was established as a Category II AIF and closed at ₹767 crore. Its LP base included institutional investors such as Old Mutual Wealth, Velo Partners and Finext, alongside several Indian technology founders.
The firm's latest vehicle is Kae Capital Fund IV, registered as a Category II AIF. Kae also operates the Kael Opportunities Fund, which provides a separate vehicle for venture investments.
Across these funds, Kae has been the first institutional investor in 90+ companies. Its portfolio includes Porter, Zetwerk, InMobi, Tata 1mg, HealthKart, Myntra, Fractal Analytics, Nazara Technologies, Foxtale, Traya, Snapmint, Qure.ai, Nua, Certa, Contlo, Hatica, Eternz, GobbleCube and Enerzolve. Three portfolio companies, Porter, Zetwerk and InMobi, have reached unicorn status, while Fractal Analytics and Nazara Technologies have reached the public markets.
Leadership
Sasha Mirchandani is Founder and Managing Partner. He began investing in Indian startups through Mumbai Angels in 2006 before establishing Kae Capital in 2012.
The current investment team includes Abhishek Srivastava and Gaurav Chaturvedi, both General Partners. Srivastava focuses on B2B, AI, manufacturing and deeptech and previously served as Founding Director at Endiya Partners. Chaturvedi focuses on enterprise AI, B2B and manufacturing.
Sunitha Viswanathan is a Partner covering fintech, consumer technology and D2C, while Nisha K Pai is a Senior Associate focused on fintech, consumer tech and deeptech.