Investor Profile: Merak Ventures — The B2B-first fund backing India’s real-problem solvers

Merak Ventures does not chase hype. This Delhi-NCR early-stage fund, launched in 2022 with a US$100 million debut fund, is sector-agnostic but sharply focused on B2B and emerging-technology companies that solve real problems and create large-scale impact. Its founders insist financial returns and impact are not mutually exclusive.

Investment thesis

Merak's core belief is disarmingly simple: businesses that solve authentic problems always make sound investments. Rather than betting on trends, the firm wants to be a mentor-partner to founders tackling real-world pain points — the unglamorous, hard problems in distribution, supply chains, finance and industry that other funds skip. It looks for capital-efficient, sustainable business models where technology unlocks genuine leverage, backed by hands-on help with strategy, business development and fundraising.

Sectors and stages

Merak writes seed cheques for B2B and emerging-tech startups, remaining sector-agnostic while proactively chasing three themes: ClimateTech (agritech, mobility, carbon, climate finance and digital solutions), InsurTech, and Enterprise SaaS. Climate tech is its single biggest focus area. The plan for the debut fund is to back 18 to 20 companies over three to four years, concentrating firepower on a tight portfolio rather than spraying seed cheques everywhere.

Fund size and cheque size

The fund launched with a target corpus of US$100 million, announced in August 2022. A standard cheque range is not publicly disclosed; however, the seed rounds it has led have consistently sat around the US$1 million to US$2 million mark, which gives founders a fair sense of where they fit.

Notable portfolio companies

Merak's maiden investment was Rupyz, a B2B commerce SaaS platform digitising distribution for FMCG and consumer brands, where it led a US$1.2 million seed round. Other bets include CredResolve (AI-powered debt-collections infrastructure, a pre-Series A led by Merak), NeoSapien (a US$2 million seed round for AI-native wearables), Atomgrid (a ₹10 crore seed round in specialty chemicals), Farmtheory (a ₹12 crore seed round in B2B agri-food), and iDO Devices (a US$4 million round in original design manufacturing, with Blume Ventures). The partners also previously managed growX Ventures' US$25 million fund, whose exits include Fynd (to Jio), Quandl (to Nasdaq) and Locus (to GIC and Alpha Wave Global).

Partners and team

The fund is co-founded and managed by Manu Rikhye and Sheetal Bahl, experienced operators and investors with more than two decades of experience each. They have been investing in the Indian ecosystem for a decade, with the last several years sharply focused on B2B and deep/emerging tech, and they continue to manage the earlier growX Fund I alongside Merak.

Programs run

Merak does not run a structured public accelerator or cohort programme. Its main public platform is a Perspectives blog covering fintech, AI and climate themes. The real programme is its hands-on post-investment playbook: active support in strategy, business development and fundraising, powered by the firm's portfolio, LP and industry connects.

Credits and perks

No startup credits or perks programme is publicly disclosed by the firm.

How founders can approach them

Founders building seed-stage B2B or emerging-tech companies can reach Merak through its website, merakventures.com. The bar is clear: demonstrate a genuine, real-world problem being solved at scale — ideally in one of its proactive themes. Traction, unit economics and capital efficiency will matter more than a flashy narrative.