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Early stage. Tech-centric. Built for India.
Breathe Capital India Fund (IN/AIF1/24-25/1493) is a SEBI-registered Category I Alternative Investment Fund registered in April 2024, managed by Breathe Capital Advisors Private Limited. Breathe Capital is a sector-agnostic early-stage micro-VC firm founded in 2022 by Shauraya Bhutani and Zubin Mehta, backed by leading family offices in India. The firm invests in seed and Series A technology startups across enterprise applications, retail and consumer, fintech, climate tech, and e-commerce, with a particular focus on business model innovation applicable to developing markets. As of November 2024, Breathe Capital is an active investor with 11 portfolio companies including Cityflo, Zocket, Ultraviolette Automotive, and Pikndel, with 1 acquisition (Alpha Alternatives) in its portfolio. Forbes Asia named Shauraya Bhutani to its 30 Under 30 list in 2023. The fund is headquartered at EC-13, Inderpuri, New Delhi 110012.
Breathe Capital looks for business model innovation that can be adapted to developing markets and scaled internationally, rather than purely technology innovations. The firm is an early-stage-only investor — preparing and structuring startups for later rounds. It prioritises climate tech (transport, mobility, energy), fintech, and e-commerce, and seeks founders who demonstrate transparency and are building solutions for India's fundamentally different challenges. Breathe Capital follows a portfolio construction model where it expects a typical VC return distribution — 60% of investments will not return capital, ~20% will return capital, and ~20% will generate outsized returns — and sizes positions accordingly.
Shauraya Bhutani
Co-founder & Partner
Shauraya Bhutani is Co-founder and Partner at Breathe Capital and the SEBI-registered contact person for Breathe Capital India Fund. Forbes Asia 30 Under 30 (2023), he has 8+ years of experience in tech investment and advisory across SE Asia and India. He concurrently co-founded Capital Connect Advisors, a Singapore and New Delhi-based boutique investment bank. Prior to this he was Director at North Ridge Partners and has worked at BNP Paribas, Asia Green Capital Partners, and KPMG. He is a Singapore Management University alumnus.
Zubin Mehta
Co-founder & Partner
Zubin Mehta is Co-founder and Partner at Breathe Capital, co-founding the firm alongside Shauraya Bhutani in 2022.
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