We use cookies for analytics and ads to improve your experience. You can accept or decline. See our Privacy Policy.
Towards Zero Carbon
Zeca Fund I (SEBI Reg. IN/AIF2/24-25/1762) is the debut Category II AIF of ZeCa Capital (also branded as ZeCa Ventures), a sustainability-focused early-stage venture capital firm founded in 2024 and based in Bengaluru. The fund received SEBI approval in March 2025, with a target corpus of INR 150 crore. It plans to invest in 20–25 startups at the pre-seed to seed stage over four years, with an average ticket size of INR 2–3 crore at valuations of $3–6 million. The fund focuses exclusively on sustainability-driven technology and innovation across four thematic buckets: clean technology and energy (EV batteries, renewable energy, smart grids), sustainability software and SaaS (carbon accounting, ESG reporting), circular economy (waste management, recycling), and sustainable consumer brands. ZeCa ('Zero Carbon') made its first investment in GreenStitch, a sustainability SaaS platform for fashion and textiles, in early 2025, and followed up with Cleevo, an eco-friendly homecare brand, in May 2025. The fund is anchored by LP commitments from Atria Group chairman Sunder Raju and several CXOs in the sustainability space.
ZeCa Capital's investment philosophy is premised on the belief that India's path to net-zero carbon by 2070 will create a generation-defining investment opportunity across energy, transport, agriculture, industry, and buildings. The fund invests in companies building scalable technology and software solutions that move industries toward zero-carbon operations, as well as circular economy and sustainable consumer brands. ZeCa's investment discipline requires portfolio companies — outside deeptech — to demonstrate customer traction (revenue and repeats) before receiving investment, ensuring capital is deployed into businesses with validated demand rather than early-stage research.
Pawan Raj Kumar
Founder & Managing Partner
Pawan Raj Kumar (IIT Delhi '93, IIM Lucknow '95) is the founder of ZeCa Capital with nearly 30 years of experience as a founder and operator across large-scale consumer businesses. He is also a seasoned angel investor with 40+ investments including Agnikul Cosmos, Leverage Edu, and Lissun. He was previously a partner at Venture Garage.
Aakash Kushwaha
Partner
Aakash Kushwaha (IIT Delhi '12) is a co-founder and partner at ZeCa Capital. He has 11 years of experience in scaling funded startups to $100 million ARR, with previous stints at Cuemath (as Vice President) and Alpha Wave Global-backed companies. He is an angel investor in companies including House of X and Zavya.
Shreya Ravi
Partner
Shreya Ravi is a co-founder and partner at ZeCa Capital. A rank-holding Chartered Accountant, she was previously CFO at RedSeer (a strategy consulting firm) and worked in Transaction Services at PwC, advising private equity firms and large corporates on investment and acquisition evaluations.
Puneet Kinra
SEBI Contact Person
Puneet Kinra is the SEBI-registered contact person for Zeca Fund I, based at the Brigade Cosmopolis Whitefield address in Bengaluru. He has been previously associated with an angel fund registered by SEBI (IN/AIF1/15-16/0171) also listing the same Bengaluru address, suggesting a role in fund administration or legal/compliance for ZeCa.
No insights published yet.
Investments in securities markets are subject to market risks. Read all the related documents carefully before investing. Past performance is not indicative of future returns.