Rainmatter: Founded 2016 by Zerodha founders Nithin Kamath, Kailash Nadh. Bengaluru-based. Team 17 people, 2 partners. 159 startups invested in 11 years. 1 unicorn (CRED). 36 investments 2025, 5 in Feb 2026. Latest: PensionBox majority stake $2M Feb 11, PadCare Labs $3M Feb 10, AquaAirX ₹12.5 crore Jan 28. ₹1000 crore perennial fund announced Aug 2023 (₹400 crore invested first 7 years). Investment range: ₹50 lakh to ₹100 crore. No stage restrictions. Seed 99 investments $1.45M average, Series A 18 $5.34M average, Series B 6 $24.4M average. Sectors: FinTech, Climate, Health, Media, DeepTech. Portfolio: smallcase, Sensibull, Ditto, Jupiter, Whole Truth Foods. Climate: 43 investments, ₹350 crore, 10-15 year lens. Rainmatter Foundation $200M climate grants. No board seats. No exit mandates. Patient long-term investors. Here’s what founders should know about India’s most patient capital.
What Rainmatter Is
Rainmatter is startup investment initiative created by founders of Zerodha, India’s largest retail stockbroker.
Founded 2016. Based Bengaluru. Team of 17 people including 2 partners. Led by Dinesh Pai (venture investments).
Mission: Support founders in fintech, climate, health, media helping Indians make better money and health decisions.
The Scale: 159 Startups, ₹1000 Crore Committed
159 companies invested over 11 years
13 investments yearly average, 36 in 2025, 5 in Feb 2026
1 unicorn: CRED (fintech)
4 acquisitions: including Streak, Onco
₹1000 crore perennial fund (₹400 crore deployed first 7 years)
Investment range: ₹50 lakh to ₹100 crore
No board seats, no exit mandates
What Makes Rainmatter Different
“Though we are a fund, we’ve never thought of ourselves as one,” explains Rainmatter team. “We are patient long-term investors and aren’t in it for quick exits. Our North Star is the impact we can create through all partnerships.”
Perennial structure: Ability to stay invested forever. Patient capital with no exit mandates founders can benefit from when building enterprise.
No stage investing: “Don’t bother thinking of stage. We think of businesses holistically in terms of people running the show.” Evaluate startups based on founding team, problem being solved, long-term impact.
Staying out of the way: “We do not intend to take any board seats and have no active involvement in operations. We help, mentor, and collaborate. We believe people who spend most time on business know what is best.”
Climate Commitment: 10-15 Year Lens
While many VCs pull back from climate tech, Rainmatter doubles down.
43 climate investments, ₹350 crore deployed. Focus: agricultural waste recycling, climate insights, climate financing, controlled farming.
Dinesh Pai: “All climate tech bets we’re backing, we have 10-15 year lens on them. That’s why we’re not worried about short term.”
Strategic avoidance: Consciously avoid sectors like EVs and mobility already attracting substantial capital. Instead target areas where funding less accessible.
Recent climate investments: Naxatra Labs $3M pre-Series A (EV motors), PadCare Labs $3M (sanitary waste management), AquaAirX ₹12.5 crore (robotics).
Rainmatter Foundation: $200M for Climate
Separate non-profit established 2020. Co-founded by Nithin Kamath, Kailash Nadh, Sameer Shisodia.
$200 million committed toward climate and environmental initiatives. All economic upside from these investments reinvested back into Foundation.
Focus: Climate action, healthier environment, livelihoods associated with them.
The Bottom Line
Rainmatter: Founded 2016 by Zerodha. 159 startups, 1 unicorn (CRED), 4 acquisitions.
₹1000 crore perennial fund. ₹50L to ₹100Cr range. No stage restrictions.
Sectors: FinTech, Climate, Health, Media. Portfolio: smallcase, Sensibull, Ditto, Jupiter.
Climate: 43 investments, 10-15 year lens, $200M Foundation.
Philosophy: Patient capital, no board seats, no exit mandates, impact over returns.
Apply: rainmatter.com or forum
If building fintech/climate/health startup, Rainmatter offers India’s most patient capital.
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