Igniting Fintech and Consumer Tech Gemba Capital typically invests in 8 to 10 startups annually, leveraging a sector-specific approach.
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Gemba Capital, an early-stage venture capital fund founded by Adith Podhar, is focused on identifying scalable technology startups at the pre-seed and seed levels. With a strong commitment to backing visionary Indian entrepreneurs, the firm targets companies challenging the status quo with a long-term perspective.
"Our investment thesis is centered on solving India-specific problems with tech-first solutions," said Founding Partner Adith Podhar. "We invest with high conviction in fintech and consumer tech sectors, which continue to show strong potential due to underpenetration and favorable macro trends."
Gemba Capital typically invests in 8 to 10 startups annually, leveraging a sector-specific approach. This strategy has been shaped by six years of investing experience, during which the firm observed consistent growth from its fintech portfolio. In Fund I, the team also explored consumer tech, backing businesses in segments where technology disruption was minimal, such as jewelry marketplaces and gaming platforms.
Explaining their choice of stage, Podhar shared, "We enter at the pre-seed and seed stages, often as the first institutional investor. This allows us to work closely with founders, supporting their go-to-market strategies and helping prepare them for future funding rounds."
According to Gemba, healthtech and gaming remain significantly underhyped. "Healthtech, in particular, is seen as ripe for transformation through a blended physical and digital model. In gaming, India's talent and technical capabilities present opportunities to create global products,' Podhar mentioned.
When assessing founding teams, the firm looks for deep domain knowledge, complementary co-founder skill sets, and a demonstrated ability to recruit strong teams. They use an in-house Founder Market Fit framework to evaluate these traits.
To determine product-market fit, Gemba examines user engagement metrics such as retention, organic referrals, and conversion rates. "A standout from our portfolio is Plum, a health insurance platform for SMEs. We backed Plum from the pre-seed stage, attracted by its market-first mindset and fresh approach to insurance technology," Podhar added.
Beyond funding, Gemba supports startups through customer and investor introductions, service provider access, and strategic hiring. Their active involvement continues through Series A, helping companies refine business plans and meet key performance metrics.
Looking ahead, Gemba sees opportunities in vertical B2C marketplaces, AI-powered gaming, and personalised financial tools for Bharat. The Bengaluru-based firm is also optimistic about AI's transformative role, particularly with India-focused language models that address local nuances.
With over 50 investments, Gemba Capital continues to strengthen its presence in India's startup ecosystem, already recording four successful exits.
Facts:
- Fund Size: Around INR 90 Cr
- Current Portfolio: 50+ startups, including Plum (Insurtech), GripInvest (Alternative Investments), Wintwealth (Alternative Investments), Mannjal (Co-Lending), Navadhan (NBFC – SME credit), EternZ (Jewelry Marketplace), Lightfury Games (AAA Cricket Game), FlickTV (Micro-drama OTT).
- Exits: 4
