Zerodha’s Rainmatter Invests INR 1,500 Cr Across 160+ Startups: Nithin Kamath

Rainmatter, the venture capital arm backed by Zerodha, has invested more than INR 1,500 crore (about USD 180 million) across over 160 Indian startups since its inception in 2016, according to CEO Nithin Kamath.

The firm, which began as a small initiative to support companies in India’s capital markets ecosystem, has significantly expanded its scope over the past nine years.

“Rainmatter started in 2016… Nine years later, it has grown into something far bigger than we ever imagined,” Kamath said in a post on X, adding that the investments now span sectors such as fintech, climate, health, media, and deep tech.

The firm is increasingly focusing on startups that help India build and own more of what it consumes, moving beyond its initial emphasis on capital markets. Kamath highlighted that Rainmatter follows a different approach compared to traditional venture capital firms. “We’re not a typical VC. We don’t take board seats, and we’re not in this for quick exits… our approach has been simple: be patient, back founders for the long term,” he said.

Rainmatter’s investment strategy is closely tied to Zerodha’s broader philosophy. Kamath noted that the company allocates 10% of its earnings towards startup investments and another 10% towards social development initiatives through Rainmatter.

According to the firm’s website, its portfolio includes a wide range of startups, with the highest concentration in climate tech (44 companies), followed by health and fitness (41), fintech (37), and smaller numbers in media and other sectors. Some of the notable names in its portfolio include Jupiter, smallcase, PeeSafe, Praan Health, and The Whole Truth.

While Rainmatter has backed over 160 startups so far, only 145 are currently listed in its portfolio, indicating that the firm may have exited around 15 investments.

Kamath had earlier stated in August 2023 that Rainmatter had invested INR 400 crore across 80 startups. This suggests that in the past three years, the firm’s portfolio has nearly doubled, while its total investment value has grown at a faster pace, reflecting its expanding role in India’s startup ecosystem.