VC10X - Inside a $1.5 Billion Japanese Fund’s Big Bet on India - Rajeev Ranka, Partner, Incubate Fund

VC10X

•December 30, 2025•28 min

VC10X•Dec 30, 2025

AI Summary

In this episode, Rajeev Ranka of Japan's Incubate Fund explains their 100‑year investment horizon and how it shapes decisions like backing Captain Fresh during COVID and pivoting it from a domestic brand to a global seafood exporter. He argues that quick commerce will outgrow e‑commerce, highlights Yulu’s dominance in last‑mile delivery, and points to the untapped “Middle India” market as a key opportunity. Ranka also shares practical advice on what Japanese VCs consider red and green flags when evaluating early‑stage pitches.

Episode Description

In this episode, we sit down with Rajeev Ranka from Incubate Fund, a Japanese Venture Capital firm managing over $1.5 Billion in AUM, to understand the bold decisions behind building generational companies.

Rajeev breaks down the Japanese Way of investing which involves thinking in 100 year cycles. He shares why they backed Captain Fresh during the first month of the COVID lockdown and the massive decision to kill a profitable domestic arm to build a global giant.

We also dive into why he believes Quick Commerce will eventually be bigger than E-Commerce, the untapped potential of Middle India, and what it takes to get a Day Zero investment from a Japanese VC.

⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.com

We talk about:

How a Japanese VC views the Indian startup ecosystem.
The Japanese Way: Why they plan for 100 year timelines.
The Captain Fresh Pivot: Moving from a domestic player to global seafood exporter.
Why Yulu dominates 90% of the last mile delivery market.
The Middle India opportunity that most VCs are ignoring.
Red Flags & Green Flags: How to pitch Incubate Fund.

Connect with Rajeev:

LinkedIn: https://www.linkedin.com/in/rajeevranka

Incubate Fund Asia: https://incubatefund.in/

SMBC Asia Rising Fund - https://www.smbc-asiarising.vc/

VC10X links:

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#VentureCapital #StartupIndia #IncubateFund #JapaneseInvestment #CaptainFresh #QuickCommerce #Yulu #Entrepreneurship #BusinessPodcast

Show Notes

We also dive into why he believes Quick Commerce will eventually be bigger than E-Commerce, the untapped potential of Middle India, and what it takes to get a Day Zero investment from a Japanese VC.

⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.com

We talk about:

- How a Japanese VC views the Indian startup ecosystem.

- The Japanese Way: Why they plan for 100 year timelines.

- The Captain Fresh Pivot: Moving from a domestic player to global seafood exporter.

- Why Yulu dominates 90% of the last mile delivery market.

- The Middle India opportunity that most VCs are ignoring.

- Red Flags & Green Flags: How to pitch Incubate Fund.

Connect with Rajeev:

LinkedIn: https://www.linkedin.com/in/rajeevranka

Incubate Fund Asia: https://incubatefund.in/

SMBC Asia Rising Fund - https://www.smbc-asiarising.vc/