VC10X - Investing, Venture Capital, Asset Management, Private Equity, Family Office VC10X - Inside a $1.5 Billion Japanese Fund’s Big Bet on India - Rajeev Ranka, Partner, Incubate Fund
Dec 30, 2025
Join Rajeev Ranka, Partner at Incubate Fund, a major player in Japanese venture capital with a keen focus on Indian startups. He reveals the intriguing 'Japanese Way' of thinking in 100-year cycles and how this long-term view shapes investment strategies. Discover why Incubate took a bold bet on Captain Fresh during the pandemic, pivoting it to a global powerhouse. Rajeev also discusses the untapped potential of Middle India, why he believes quick commerce will surpass traditional e-commerce, and the essential traits he looks for in visionary founders.
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Century-Scale Investing Mindset
- The Japanese invest with multi-decade horizons and think in 90–100 year timelines.
- That long-term mindset drives building companies meant to outlast generations.
Plan Backwards From The Next Raise
- Work backwards from the next raise and set quarter-by-quarter milestones with founders.
- Engage weekly in the first months to iterate product-market fit and early go-to-market learning.
Captain Fresh: From Lockdown Bet To Global Pivot
- Incubate backed Captain Fresh in the first month of COVID despite lockdowns and operational challenges.
- The company later shut a high-revenue India arm to pivot into a global seafood exporter through acquisitions.