Impact Funds in India
We list 8 impact funds in India, 8 of them verified. Most are based in Bengaluru (3), Mumbai (2) and Delhi (1). An impact fund invests for a social or environmental result as well as a financial return, so it backs companies whose product or business model is meant to change something measurable for people or the planet.
Last verified 23 Oct 2026. We include an investor only if it has a working website. A profile is marked verified when we have also checked it on a recent date and written a full description of what the firm backs; verified profiles are listed first.
Full list of impact funds in India
Next Bharat Ventures IFSC Private Limited
Impact investor at GIFT City backing revenue-generating rural and informal-economy ventures, through a three-month Bengaluru residency that ends in an equity investment decision.
Upaya Social Ventures
Bangalore-based nonprofit that invests in and accelerates early-stage Indian businesses creating dignified jobs for people in extreme poverty.
Pegasus India Evolving Opportunities Fund
A Mumbai impact-focused venture fund, run by Pegasus FinInvest, that backs asset-light Indian startups in fintech, healthtech, edtech and cleantech.
Lok Capital
An India-focused impact investor, established in 2004, backing Series A to C companies in financial services, food and agriculture, and climate; founders write to a general inbox.
Aavishkaar Capital
A Mumbai impact venture capital firm that invests in growth-stage companies in financial inclusion, food and agriculture, and essential services, with a separate credit fund. Founders write to a role inbox.
C4D Partners
Impact fund manager with an India office in Bengaluru, backing small and growing businesses with equity for livelihoods, climate and gender equity.
HealthKois
New Delhi healthcare impact fund, a successor to HealthQuad I and II, investing in high-growth healthtech, biopharma, medtech and healthcare delivery companies.
Gray Matters Capital
A gender-lens impact investor, headquartered in Atlanta with a Bengaluru team hub, backing early-stage education, skilling and livelihood ventures for women.
Browse all investors by stage and sector
Other lists in India
What to know about impact funds in India
An impact fund invests for a social or environmental result alongside a financial return. What counts as impact is set by each fund, not by a common rule: one may back healthcare access, another financial inclusion, climate, education or livelihoods, and some look at who the founders are as well as what the company does. The profiles in India describe this in the fund's own words, so read that wording rather than assuming the label means the same thing everywhere.
Most impact funds are still venture-style investors, so they expect the company to grow and to return capital. What differs is that they also want evidence that the intended change is happening. Expect questions about who your customers are, how you would know the product is helping them, and what you would do if growth and impact pulled in different directions.
Several funds on this page run as pooled funds with outside investors, which affects how long they take to decide and how they report. Before you invest time in an application, check the fund's thesis against your own business, the stage it invests at, and what it will ask you to measure and report once it has invested.
The numbers on this page
- 8 of the 2772 organisations we list in India (0%) are tagged "Impact Fund".
- By stage focus, the most common are Growth (4), Series A (3) and Series B (2).
- By sector, the most listed are AgriTech (2), CleanTech (2) and Climate (2).
- By state, most are in Karnataka (3), Maharashtra (2) and Delhi (1).
- By city, most are in Bengaluru (3), Mumbai (2) and Delhi (1).
- Many are also tagged VC / Investor (8) and Accelerator (1), so the same organisation can appear on more than one list.
What to check before pitching an impact fund
- How does the fund define impact, and does your business fit that definition?
- Which stage and sectors does it back in practice?
- What impact reporting does it expect after investing, and how often?
- Does it expect a particular legal structure or customer group?
- Will it follow on in later rounds, or is it a one-time investor?
- Which founders has it backed, and what was their experience of the reporting?
Frequently asked questions
How many impact funds are there in India?
We list 8 impact funds in India, out of 2772 startup support organisations we list there. The count updates as profiles are added and verified.
Where in India are most impact funds based?
Counting the profiles on this page, most are in Karnataka (3), Maharashtra (2) and Delhi (1).
How do I approach impact funds in India?
Start from the profile of each one: confirm it backs your stage and sector, find how it takes pitches (an online form, a named contact or a warm introduction), and send a short note with what you build, who it is for and what you have achieved so far. A focused note to a few good-fit investors does more than a mass mail to all of them.
Do impact funds in India accept a lower financial return?
Practice differs by fund. Some aim for a market-rate return and treat impact as part of the thesis, others accept a slower or smaller return for a clear social result. The fund's own page states which it is; ask directly before you pitch.
How do I show impact to an impact fund?
Describe who your customers are, what changes for them because of your product, and how you measure it today, even if the measure is simple. Funds trust a small number you actually track more than a large claim you cannot back up.