Capital-A taps for INR 160 crore Fund II, banking on manufacturing expertise
Capital-A, the operator-led venture capital firm specialising in manufacturing and deep tech, has successfully completed the first close of its second fund at INR160 crore.
28 Apr 2026 | By Prabhat Prakash
Ankit Kedia: Capital-A leverages decades of experience in building and scaling manufacturing businesses in India, notably through its association with Manjushree Technopack
The firm is targeting a base corpus of INR 300 crore, with a selective greenshoe option that could raise the total fund size to INR 400 crore.
The fund’s close is substantially anchored by its General Partner, signalling strong conviction and alignment with a robust domestic investor base. This base comprises a mix of family offices, high net worth individuals, industrialists, and seasoned corporate leaders, including the Chamaria Group, Steel House Family Office, Manjushree Ventures Family Office, and domestic institutional platforms such as the Anand Rathi Group. The firm is also in advanced discussions with other domestic institutional and quasi-sovereign investors.
According to a press note issued by the company, Capital-A’s Fund II is positioned to back 15 to 18 early-stage companies across emerging industrial and deep-tech sectors. The fund has already deployed capital into seven investments, including Manastu Space, Agrileaf, Misochain, and CraftifAI.
The firm's focus on advanced manufacturing, AI, robotics, defense and aerospace components, semiconductors, and hardware technologies reflects a broader strategic shift in India’s industrial economy, driven by global supply chain realignment and strengthening domestic capabilities.
These sectors differ from traditional software businesses, demanding longer development cycles, higher upfront investment, and deep operational involvement. Ankit Kedia, founder and lead investor at Capital-A, noted that this complexity is now being recognized as a long-term opportunity.
Kedia said, “We are seeing a clear shift in how both founders and investors are approaching manufacturing and deep tech in India. These businesses require patience, strong execution and deep operational involvement."
Readers of WhatPackaging? will be keen to know that the firm draws its investment philosophy directly from the operational experience of its leadership. Capital-A, founded in 2021, leverages decades of experience in building and scaling manufacturing businesses in India, notably through its association with Manjushree Technopack.
Kedia referenced this history, stating, “Having spent years building and scaling manufacturing businesses at Manjushree Technopack, our focus at Capital-A has been on partnering early with founders solving real industrial problems and working alongside them to build enduring companies”.