Capital A: India's First Manufacturing-Focused VC, Backing the Builders

While most Indian VCs chase the next fintech or D2C app, Capital A walked straight into the factory. It describes itself as India's first manufacturing-focused venture capital fund — a seed-stage investor backing the deep-tech, hardware and industrial companies that are rebuilding how India makes things. If you are a founder who solders, welds, forges or fabricates, this is the fund built for you.

The people behind the fund

Capital A was founded in 2021 and is led by founder and lead investor Ankit Kedia, whose own background is in building and scaling manufacturing businesses at Manjushree Technopack. That operator DNA shows in how the firm talks about its work: patience, strong execution and deep operating involvement in industrial businesses. The firm is based in Bengaluru.

Fund size and investment stages

Capital A invests at the seed and pre-Series A stages. The firm has announced the first close of its second fund, Capital A Fund II, at Rs 160 crore, anchored substantially by its general partner with participation from domestic family offices, high-net-worth individuals, industrialists and corporate leaders — including Chamaria Group, Steel House Family Office, Avyay Jhunjhunwala's MP Family Office, Anand Rathi Group and others. The fund is targeting a total base corpus of Rs 300 crore, with a greenshoe option to upsize to Rs 400 crore, and is positioned to back 15 to 18 early-stage companies across advanced manufacturing, AI, robotics, defence and aerospace components, semiconductors and hardware technologies. The firm has also launched Evolve, a $10 million (about Rs 75 crore) cleantech fund aimed at electric vehicles, battery charging and battery technology startups.

Notable portfolio companies

Capital A has made dozens of investments across manufacturing and deep tech. Standout names include Manastu Space, the space-tech company building green propulsion systems; Enerzi, the deep-tech firm working on microwave-plasma hydrogen production and engineered carbon materials, which raised a seed round of nearly INR 16.5 crore led by Capital A; Agrileaf; Misochain; CraftifAI; Quintrans, which raised a $750,000 pre-seed round led by the firm for its industrial linear-motion systems; alongside cleantech names like Chargeup and Cell Propulsion, and fintech names including Bharatsure and Aspire from its earlier, broader mandate.

Programs run

Capital A co-created Maxcel, an accelerator programme for hardware and industrial technology startups run together with SanchiConnect, which has drawn more than two thousand applications. For founders in industrial tech, it is one of the few structured launchpads in the country designed specifically around manufacturing readiness rather than generic startup advice.

Credits and perks

Capital A does not publicly list a credits or perks programme; its stated value-add is deep operating involvement, industry partnerships and an active thesis in manufacturing, EVs and deep tech.