Driving Industrial Evolution Capital-A is an early-stage venture capital firm that invests at Seed and Pre-Series A in manufacturing, deep tech, and climate technology, backing founders building for India's real economy.
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In a startup ecosystem often captivated by unicorn headlines and pitch decks chasing the next big consumer trend, Capital-A is taking a different path, one that is quietly but deliberately reshaping India's industrial backbone. At the helm is Ankit Kedia, Founder and Lead Investor, whose investment thesis is firmly grounded in substance over spectacle.
"We back founders building for the real economy," Kedia explained. "Our focus is on businesses that address structural gaps in India's manufacturing, deep tech, and climate ecosystems." With India shifting from a services-led model to a product and production-driven economy, Capital-A's strategy aligns with the country's industrial evolution.
Unlike many venture funds that cast a wide net, Capital-A remains sector specific. "This focus allows us to bring deep knowledge of value chains, regulatory contexts, and capital cycles," Kedia noted. The firm concentrates its efforts on manufacturing, deep tech, and climate technology, sectors propelled by government support and growing global interest in India as a supply chain hub.
Early stage investing is where Capital-A prefers to step in. "We invest at Seed or Pre Series A. It's a stage where the founder is still shaping the identity of the company," he said. "It's not about control. It's about contribution."
Their confidence also extends beyond metros. "Founders in tier II and tier III cities often build with greater focus and efficiency," stated Kedia. "They don't get distracted by the startup circuit, and that groundedness gives them an edge."
On the subject of hype, Kedia is clear eyed. "AI is everywhere, but much of it is superficial. The real opportunity lies in foundational AI where it's rooted in systems, data, and proprietary tech." Meanwhile, underhyped sectors like electronics design and industrial automation, he believes, are poised for breakout growth.
From refining go to market strategies to preparing founders for institutional rounds, the firm acts as a hands on partner. "We're not just writing cheques. We're helping founders build enduring businesses," he highlighted.
One such example is AgriLeaf, a sustainable dinnerware company using fallen areca leaves. "They've built a dignified rural supply chain that is both scalable and globally relevant," he shared.
Kedia sees strong potential in electronics, automation, circular economy, dual-use tech, and integrated hardware-software models for sustainable, long-term industrial innovation. "The next big wave in India will be deep tech manufacturing, driven by innovation in electronics, robotics, and industrial software. It's unfolding quietly, creating deep value and positioning India in global supply chains," he concluded.
Facts:
- Fund Size: USD 75 Mn across Fund I and II
- Current Portfolio: 15+, including Chargeup, Matchlog, AgriLeaf, Taqtics, Leumas, SportVot, Riskcovry, Tan90, Jiraaf, Bambrew, BharatSure, among others
- Exits: 1 successful exit (Bambrew) and 2 early-stage strategic exits from pre-fund angel investments
