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India / Direct investor

Seed capital for B2B and emerging technology.

India-centric investor spanning enterprise software, climate, scientific and engineering-led businesses.

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First cheque$500K-$1.5M
Follow-on capacityUp to $3M
Published investment identities37
Entry stagePre-seed / Seed

01 / The fund

Early conviction, with the vehicles kept clear

Merak Ventures invests in seed-stage B2B and emerging-technology businesses with essential operations or ties in India. It accepts idea, prototype and proof-of-concept stages, including pre-revenue companies. The current official mandate gives a first-cheque range of $0.5M-$1.5M, a $1M sweet spot and follow-on investments of up to $3M. Pre-Series A is described as selective, not a later-stage mandate.

Manu Rikhye and Sheetal Bahl launched Merak in August 2022 with a reported $100M target. That announcement is a dated fundraising intention, not evidence of a $100M final close. SIDBI’s current official list separately records an INR 330 crore target and INR 28 crore sanction for Merak Ventures Fund I. No public final-close figure was verified in this review, so neither target is relabeled as committed capital.

The official site distinguishes Merak Fund I from the team’s prior growX Ventures Fund I and earlier exited investments. The portfolio below preserves those groups. It is not a claim that Merak Fund I made every historical investment or that the newer, separately managed growX funds share its portfolio. Merak’s contact page identifies Merak Ventures Fund Manager LLP and Category I AIF registration IN/AIF1/23-24/1262.

Current official mandate ↗ · August 2022 launch target ↗

02 / Portfolio

Explore by sector

All 37 names on the rendered manager page: 11 in Merak Fund I, 17 in prior growX Fund I and nine explicitly marked exits. Each company carries its vehicle or exit label. Manager grouping is preserved even where newer corporate events differ: Wellthy’s own 2024 acquisition announcement is noted without inventing this fund’s exit proceeds.

Electronics, wearables, robotics and drones are Physical AI; propulsion and satellite imaging are Space Tech; optical interconnects are Semiconductors. Battery, chemical and solar engineering are Energy & Materials. Genomics and digital therapeutics are BioTech. Software-only AI, fintech, logistics, commerce, services and consumer platforms remain in Others.

Energy & Materials 5

Atomgrid logo
Atomgrid ↗
Merak Fund I

Develops, manufactures and sources specialty chemicals for industrial customers. Its work combines chemistry R&D, process development and partner production for reactions such as fluorination, hydrogenation and Grignard chemistry.

Holding source ↗
Unicel logo
Unicel ↗
Merak Fund I

Recycles end-of-life lithium-ion batteries using mechanical and hydrometallurgical processes. Recovers battery materials from black mass, including lithium carbonate and metal salts, for reuse in the supply chain.

Holding source ↗
Cell Propulsion logo
Cell Propulsion ↗
Prior growX Fund I

Develops electric commercial-vehicle systems spanning motors, power electronics, battery management and connected fleet technology. The manager lists it as Cell Propulsion and uses the NWOCommute brand mark.

Holding source ↗
RACEnergy logo
RACEnergy ↗
Prior growX Fund I

Develops swappable batteries, battery-swapping infrastructure and electric-vehicle powertrain technology. Its current homepage is a launching-soon screen; the technical description is retained from the manager’s published investment record.

Current homepage is a holding page; product description from manager.

Holding source ↗
Claro logo
Claro ↗
Manager-listed exit; buyer undisclosed

Solar-energy systems for irrigation, rooftops and energy storage. The manager explicitly marks this investment exited, without naming a buyer.

Holding source ↗

Physical AI 4

iDO Devices logo
iDO Devices ↗
Merak Fund I

Electronics design and manufacturing across hardware, embedded firmware, software and component-level engineering. Its own site lists wireless earbuds and Bluetooth neckbands among its product categories.

Holding source ↗
NeoSapien logo
NeoSapien ↗
Merak Fund I

Builds Neo 1, a wearable AI assistant supported by mobile and desktop apps. It captures conversations and produces meeting notes, summaries, action items and searchable personal recall.

Holding source ↗
CynLr logo
CynLr ↗
Prior growX Fund I

Builds vision-guided robotic manipulation systems that perceive and handle unfamiliar objects. Its current platform includes the dual-arm CyRo and other multi-arm or mobile robot designs.

Holding source ↗
Aereo logo
Aereo ↗
Manager-listed exit to JSW Ventures / Auxano

Drone-based surveying, mapping and analytics for mining, infrastructure and land administration. The manager marks its investment exited to JSW Ventures and Auxano, rather than saying those investors acquired the company.

Holding source ↗

BioTech 2

4baseCare logo
4baseCare ↗
Prior growX Fund I

Combines tumour genomics, molecular diagnostics and AI-supported interpretation to guide personalised cancer care. Its work includes genomic panels and data from underrepresented patient populations.

Holding source ↗
Wellthy logo
Wellthy ↗
Prior growX Fund I

Digital therapeutics and behaviour-based chronic-care programmes. Its own February 2024 announcement says TruDoc acquired Wellthy; the manager still lists it within the prior growX Fund I group, which is preserved without inferring the fund’s sale proceeds.

Holding source ↗

Semiconductors 1

Lightspeed Photonics logo
Lightspeed Photonics ↗
Prior growX Fund I

Builds miniature, solderable optical interconnects for compute boards. Light-based links replace copper wiring and bulky transceivers in data-intensive AI and high-performance-computing systems.

Holding source ↗

Space Tech 3

SatLeo Labs logo
SatLeo Labs ↗
Merak Fund I

Develops thermal and optical Earth-observation satellites with onboard processing. Temperature imagery supports crop-stress monitoring, urban heat analysis, energy infrastructure and disaster response.

Holding source ↗
Bellatrix Aerospace logo
Bellatrix Aerospace ↗
Prior growX Fund I

Designs satellite propulsion systems, including electric thrusters and green chemical propulsion. These engines move and orient spacecraft once in orbit.

Holding source ↗
Pixxel logo
Pixxel ↗
Prior growX Fund I

Builds hyperspectral Earth-observation satellites and the Aurora imagery platform. Many narrow wavelength bands reveal material and environmental signals that ordinary colour images miss.

Holding source ↗

Others 22

AbleCredit logo
AbleCredit ↗
Merak Fund I

Generative-AI workflows for lending teams: field interviews, document checks, income analysis, credit reports and collections. Software that helps lenders assess and process applications, rather than a chip or robotics platform.

Holding source ↗
CredResolve logo
CredResolve ↗
Merak Fund I

Debt-collection software and operations spanning voice AI, digital reminders, field teams and legal recovery. A shared data layer coordinates borrower contact and tracks collection outcomes.

Holding source ↗
Curvet logo
Curvet ↗
Merak Fund I

A visual workflow canvas connecting AI models for text, images, video and audio. Users join steps, branch and merge paths, then run a workflow or publish it as an API.

Holding source ↗
Farmtheory logo
Farmtheory ↗
Merak Fund I

Sources cosmetically imperfect but edible fruit and vegetables directly from farms for restaurants, cloud kitchens and food processors. Its current service is a produce supply chain, not proprietary agricultural biotechnology.

Holding source ↗
Helium logo
Helium ↗
Merak Fund I

AI merchandising and personalisation software for e-commerce stores. It changes landing pages, product recommendations, search and bundles using visitor intent and product information.

Holding source ↗
Rupyz logo
Rupyz ↗
Merak Fund I

Sales and distribution software for brands, distributors and field teams. Combines B2B storefronts, route planning, retailer onboarding, order-to-dispatch workflows and customer accounts.

Holding source ↗
Advantage Club logo
Advantage Club ↗
Prior growX Fund I

Employee rewards, recognition, benefits and wellness software. Employers manage points, recognition programmes and reward choices through a shared platform.

Holding source ↗
Cosmofeed logo
Cosmofeed ↗
Prior growX Fund I

Tools for creator-educators to run communities, sell digital content and courses, host webinars and track payments. A creator-business platform rather than a hardware or scientific-computing company.

Holding source ↗
Lemnisk logo
Lemnisk ↗
Prior growX Fund I

Customer-data and marketing-activation software. Unifies enterprise customer information, builds real-time segments and personalises communications across marketing channels.

Holding source ↗
MedPay logo
MedPay ↗
Prior growX Fund I

Technology and services for neighbourhood pharmacies, including billing, inventory, payments, delivery support and customer engagement. The manager’s medpay.ai link now redirects to medpay.in.

Holding source ↗
Multipl logo
Multipl ↗
Prior growX Fund I

An investing-and-payments app that lets users place spending balances in liquid mutual funds and redeem the amount needed for UPI payments or bills. Investment returns are not guaranteed; this is financial software.

Holding source ↗
OneStack logo
OneStack ↗
Prior growX Fund I

Digital banking software for cooperative banks and credit societies. Its platform covers mobile banking, core banking, payments and access to other financial services.

Holding source ↗
Progcap logo
Progcap ↗
Prior growX Fund I

Supply-chain finance and business software for distributors, retailers and small enterprises. Combines credit journeys, GST-based business insights and distribution management.

Holding source ↗
Uncover logo
Uncover ↗
Prior growX Fund I

Dermatologist-led clinics for skin, hair and body treatments, including laser procedures and hair restoration. Previously presented as Meddo; the manager’s meddo.in link resolves to the Uncover clinic site.

Holding source ↗
Zuddl logo
Zuddl ↗
Prior growX Fund I

Event-management software for registration, ticketing, speakers, exhibitors, attendee apps and virtual or hybrid delivery. Also offers conversational agents for event teams.

Holding source ↗
Quandl logo
Quandl ↗
Manager-listed exit to Nasdaq

Financial and alternative-data infrastructure acquired by Nasdaq. Quandl’s technology became the foundation of Nasdaq Data Link, which distributes datasets through APIs.

Holding source ↗
FortunePay logo
FortunePay ↗
Manager-listed exit to Ezetap

Historical payment-switching and processing infrastructure for banks and merchants, acquired by Ezetap in 2017. The original company site could not be reached; the card links to the acquisition record instead.

Historical company; acquisition record linked, not an active own site.

Holding source ↗
BetterButter logo
BetterButter ↗
Manager-listed exit to Silverpush

A cooking-recipe community and content platform. The manager marks its investment exited to Silverpush; the recipe website remains accessible.

Holding source ↗
Fynd logo
Fynd ↗
Manager-listed exit to Jio

Unified commerce software for online storefronts, marketplaces, retail stores, logistics and catalogues. The manager marks its investment exited to Jio.

Holding source ↗
Adsparx logo
Adsparx ↗
Manager-listed exit to Discovery

Historical server-side dynamic advertising insertion for live and on-demand streaming. Discovery acquired the assets in 2020. The present adsparx.com is an unrelated advertising agency and is deliberately not used as the company destination.

Historical company; acquisition record linked, not an active own site.

Holding source ↗
Wiom logo
Wiom ↗
Manager-listed exit to RTP / YourNest

Recharge-based home internet service, with household access bought for the days needed. The manager marks its investment exited to RTP and YourNest; that investment exit is not presented as a company acquisition.

Holding source ↗
Locus logo
Locus ↗
Manager-listed exit to GIC / Alpha Wave

Transportation-management and delivery software spanning route planning, dispatch, tracking, carrier selection and settlement. The manager marks its investment exited to GIC and Alpha Wave, not a sale of the whole company to those investors.

Holding source ↗

03 / Team & connect

Investment team

Manu Rikhye

Manu Rikhye

Partner

Co-leads Merak. Official portfolio responsibilities span genomics, enterprise software and financial technology; personal profile confirms founding-partner and prior growX roles.

LinkedIn profile ↗
Nakkul Mahajan

Nakkul Mahajan

Senior Analyst, Investments

Investments team member with official portfolio responsibilities including AbleCredit, Curvet, Helium and OneStack. Personal profile confirms investments at Merak.

LinkedIn profile ↗
Pranav Sanghvi

Pranav Sanghvi

Director

Investment director covering enterprise software, B2B commerce and manufacturing. Official responsibilities include Atomgrid, CredResolve, iDO Devices, NeoSapien and Rupyz.

LinkedIn profile ↗
Sheetal Bahl

Sheetal Bahl

Partner

Co-leads Merak with interests in climate technology, enterprise software and engineering-led businesses. Personal profile confirms the Merak and growX affiliations.

LinkedIn profile ↗
Swarup Potta

Swarup Potta

Associate, Investments

Investment associate covering robotics, space, electric mobility and advanced hardware. Personal profile confirms Merak investing work and earlier ISRO experience.

LinkedIn profile ↗
Abraham Thomas

Abraham Thomas

Venture Partner - investment evaluation

Officially listed venture partner contributing data, AI and marketplace deal evaluation, portfolio construction and fund oversight. His personal profile also identifies his current operating role at Windkey; he is not shown as a full-time Merak partner.

LinkedIn profile ↗
Soumitra Mishra

Soumitra Mishra

Venture Partner - investment evaluation

Officially listed venture partner driving climate-tech deal evaluation across agriculture, energy and environment. His personal profile identifies him as an entrepreneur, investor and venture partner; no fund-specific LP status is inferred.

LinkedIn profile ↗

Five core investment contacts and two separately labeled venture partners with official deal-evaluation responsibilities. All seven personal profile headers checked. Fund operations, finance, investor relations and brand communications are excluded. A former analyst’s hidden biography is not treated as current team membership.

Official contact route ↗

04 / Fund network

Limited partners and named backers

One specifically evidenced institutional backer, with two distinct vehicle records. Unnamed existing investors from launch coverage are not invented as named LPs. A venture partner’s general history as an LP does not establish a commitment to Merak.

SIDBI ↗

Officially sanctioned fund commitments

SIDBI’s Fund of Funds for Startups list records INR 28 crore sanctioned for Merak Ventures Fund I against a listed INR 330 crore target. It separately records INR 20 crore sanctioned for prior GrowX Ventures Fund I against an INR 124 crore target. These are two vehicle-specific sanctions, not disbursement confirmations or the same corpus as Merak’s 2022 $100M launch target.

Commitment source ↗

Sanction amounts are not confirmed disbursements. No other named Merak LP was verified in this review. Research checked 2 November 2026.