Investor Profile: ZeCa Capital — Thesis, Cheque Size & How to Apply

ZeCa Capital is a sustainability-focused venture capital firm whose name states its mission: towards zero carbon. Floated in 2024 and approved by the Securities and Exchange Board of India to launch its maiden fund, it backs early-stage startups building a low-carbon future.

Thesis

The thesis starts with where emissions come from. ZeCa Capital points to energy, transport, agriculture, industry, and buildings as the biggest contributors to greenhouse gas emissions, and therefore the richest ground for startups. It invests in scalable technologies and software for those sectors, in the software layer that integrates and optimises sustainability solutions, in circular economy and waste solutions, and in sustainable consumer brands.

Sectors and stages

ZeCa Capital invests at pre-seed and seed stage. Its stated sectors are electric mobility, renewable energies, agritech, circular economy, consumer brands, and software-as-a-service, with its own site adding energy, transport, agriculture, industry, buildings, and consumer sustainability.

Fund size and cheque size

The maiden fund is a Category II alternative investment fund with a corpus of ₹150 crore. It plans to invest in 20 to 25 startups over four years, at an average ticket of ₹2 crore to ₹3 crore. Its described sweet spot is a company raising $500,000 to $1 million at a valuation of $3 million to $6 million. At the time of its SEBI approval, it expected a first close of about ₹40 crore, backed by commitments including Atria Group chairman Sunder Raju and sustainability-sector executives.

Notable portfolio

The fund's first investment was GreenStitch, a sustainability-focused software platform for fashion and textiles, which has since published work on the carbon footprint of India's handloom sector. Its site also lists Cleevo, a non-toxic and affordable home cleaning brand, and SmartTerra, an AI-driven water intelligence company for utilities and industry.

Partners and team

ZeCa Capital was founded by Pawan Raj Kumar, a serial entrepreneur and investor and former partner at Venture Garage, alongside Aakash Kushwaha, a former Cuemath executive, and Shreya Ravi, former chief financial officer at Redseer. Pawan Raj Kumar brings almost 30 years of operating experience and more than 40 angel investments. Shreya Ravi is a rank-holding chartered accountant with a background in financial leadership and transaction advisory.

Programs run

ZeCa Capital runs no publicly named accelerator program. Its ecosystem work runs through membership of the Indian Venture and Alternate Capital Association and a partnership with the Global Energy Alliance for People and Planet (GEAPP) to accelerate the energy transition, plus a monthly newsletter tracking sustainability deals and programs.

Credits and perks

No credits, perks, or partner-discount package has been publicly disclosed by ZeCa Capital. Its non-capital offer is sector expertise, a sustainability-focused network, and hands-on support from partners who have operated and invested in adjacent sectors.

How to apply for funding

Founders can approach ZeCa Capital through its official site, zeca.vc, which has a contact section headed “Looking for Investment?” and a “Get in Touch” route. There is no published application form with fixed questions, so a direct approach works best: a short note on the environmental problem, the technology, the business model, and the round being raised. Understanding how to get funding from ZeCa Capital means leading with measurable impact, not just a green label.