Kunal Upadhyay

Co-founder and Managing Partner

2016 - Current

Kunal conceptualized and set-up the Bharat Fund platform to invest in companies from India across deep-tech and inclusion/impact. Through Bharat Innovation Fund we back fearless entrepreneurs building IP-led companies of consequence from India. We are an early stage venture fund with a mission to invest in IP-driven Indian startups creating breakthrough innovations. Our portfolio includes CreditVidya (Fintech), Entropik (emotion AI), vPhrase (natural language generation), PlayShifu (AR/VR for learning), Zumutor (immuno-oncology) and Detect (IoT for asset maintenance). Through Bharat Inclusion Seed Fund we back ventures leveraging technology to create inclusive solutions for the masses. Our portfolio includes Kaleidofin (micro savings platform), Setu (APIs for open banking) and Riskcovry (API insurance).

Senior Investment Specialist

2020

Help ADB invest in early-stage startups across South East Asia and South Asia in climate-mitigation and climate-adaptation areas across sectors like energy, mobility, financial inclusion, agri-tech, and health. Key investments advised on include Captain Fresh, Euler Motors, Smart Joules, Revfin, Electrifi, Dastgyr, among others.

Co-founder and Managing Partner

2013

Infuse Ventures is India's first climate-tech and sustainability fund set up in 2013 with investments across the climate-mitigation space. Kunal conceptualised Infuse Ventures, led the fund-structuring and fund-raising, setting-up a team of investment professionals to invest in pre-Series-A and Series-A opportunities across the sector including: Fourth Partner (full service renewable services company exited to TPG), REConnect (renewable forecasting and power sourcing on path to IPO), Silvan (home automation company acquired by Polycab), Tessol (thermal energy storage), cKers (energy focussed NBFC), Altizon (industrial IoT platform), Ecolibrium (SaaS platform for industrial and commercial energy management), among others.

Co-founder

2007

Kunal co-founded IIMA Ventures (earlier referred to as CIIE) in 2007 - setting up India's first acceleration and seed-investing platform - backing seed stage startups across tech space through programs like iAccelerator, Power of Ideas, PowerStart, Bharat Inclusion Initiative among others. Key investments include Ridlr, Tookitaki, MechMocha, Travelyaari, Forus Healthcare, Salesken, Thrillophilia, Frilp, Barrix, Greenway Grameen, Detect, etc - with 30+ profitable exits so far. In 2013, Kunal founded the VC platform at CIIE - which now operates funds like the deep-tech focussed Bharat Innovation Fund, inclusion-tech focussed Bharat Inclusion Seed-fund and cleantech-focussed Infuse Ventures. Under Kunal's leadership, CIIE has emerged as The Innovation Continuum - with its activities cutting across regional incubation, research-based insights and applied training for entrepreneurs. Some past interventions include Stay Hungry Stay Foolish, Startup Oasis, India Innovation Growth Program, MentorEdge, IIMAvericks, among others.

Co-founder

2008 - 2008

Co-founded Sarvajal - a social venture built to deliver affordable, accessible and pure water to rural India.

Internal Consulting

2006 - 2006

Associate

2005 - 2006

1. Led the Strategic Cost Management - Coordinated with the top management at Citi Turkey to identify and track implementation of multi-million dollar cost-cut initiatives. Led teams of middle-management to outsource voice and non-voice processes. Reporting directly to the CFO. 2. Led BPR activities at Citi Egypt - Coordinate the re-engineering of credit initiation and approval process. Automation of several key processes.