Zerodha’s Rainmatter has invested Rs 1,500 crore in over 160 startups, says Nithin Kamath

Zerodha founder and CEO Nithin Kamath on April 10 said the company's investment arm Rainmatter has deployed over Rs 1,500 crore across more than 160 startups since its inception in 2016.

In a post on X, Kamath reflected on Rainmatter’s journey, noting that it began as a side effort alongside core responsibilities at Zerodha. “Rainmatter started in 2016, with a few of us doubling up on our day jobs and trying to help startups that were trying to expand India’s capital markets ecosystem. Nine years later, it has grown into something far bigger than we ever imagined,” he said.

The firm has since expanded well beyond its initial fintech focus, backing startups across climate, health, media and deep tech. Kamath added, “So far, we’ve invested over Rs 1,500 crore across 160+ startups spanning fintech, climate, health, media and deep tech.”

Within fintech alone, Rainmatter has backed around 37 companies including CRED, Jupiter, M2P Fintech, smallcase and Wint Wealth. Its health and fitness portfolio spans roughly 41 startups such as Boldcare, Fittr, Pee Safe and The Whole Truth.

Rainmatter has also placed bets in emerging sectors, including spacetech firms like Agnikul Cosmos and GalaxEye.

Kamath said the investment philosophy has evolved over time, shifting from a narrow focus on capital markets to a broader theme of economic self-reliance. “The thesis has evolved from just expanding the capital markets, but the thread running through it is simple. As a country, we need to own more of what we consume. Sovereignty, in the truest sense,” he wrote.

He also highlighted Zerodha’s structured capital allocation towards startups and social impact. “We’ve also earmarked 10% of everything Zerodha earns to invest in startups, and another 10% for the social sector through the Rainmatter Foundation,” Kamath said.

Positioning Rainmatter as distinct from traditional venture capital firms, Kamath emphasised its long-term approach. “We’re not a typical VC. We don’t take board seats, and we’re not in this for quick exits,” he said, adding that the firm does not push founders for aggressive timelines. “We’re not interested in forcing founders into short-term decisions just so we can make money in five or six years.”

According to Kamath, such pressure often leads to poor outcomes. “The simple reality is that building a good business is hard. Building one that is genuinely useful, scalable, and profitable is even harder when investors are pushing you to speedrun success and sustainability,” he said, warning that “shortcuts… more often than not, come at the consumer’s expense.”