Who is Rainmatter?
Rainmatter is the investment arm of the stockbroker Zerodha. Nithin Kamath and Kailash Nadh started it in Bengaluru in 2016 as a fintech fund and incubator 1. Rainmatter Capital invests in startups and Rainmatter Foundation, a separate nonprofit, gives grants for climate, environment and livelihoods 46. In April 2026 Kamath said it had invested more than ₹1,500 crore in over 160 startups 10.
| Fact | Detail |
|---|---|
| Started | 2016, by Zerodha 13 |
| Headquarters | Bengaluru 18 |
| Head of investments | Dinesh Pai 114 |
| Invested | More than ₹1,500 crore in 160+ startups (2026) 10 |
| Sectors | Fintech, health and fitness, climate, media 210 |
| Foundation | Rainmatter Foundation, CEO Sameer Shisodia 12 |
How Rainmatter started
Rainmatter began with about ₹35 crore and a cap of $1 million per startup 1. It grew out of Zerodha’s 2015 launch of its trading APIs: Zerodha found that startups building on them needed capital and customers more than technology. Its first bets were smallcase, Sensibull and Streak 2. It later moved into health, fitness and climate, and also backs media companies such as Finshots and The Ken 24.
How it invests
Rainmatter invests Zerodha’s own money and says it does not take board seats or push for exits. In August 2023 Kamath committed another ₹1,000 crore, saying Rainmatter had invested about ₹400 crore in more than 80 startups over seven years 7. Kamath has said Zerodha puts 10% of its earnings into startups and another 10% into the social sector through the Foundation 10.
| Date | Reported total |
|---|---|
| August 2023 | About ₹400 crore, 80+ startups 7 |
| September 2024 | About ₹650 crore, about 100 companies 8 |
| January 2025 | About ₹700 crore, 100+ startups 2 |
| April 2026 | More than ₹1,500 crore, 160+ startups 10 |
In 2024 alone it invested about ₹275 crore in 47 startups, according to Kamath 9. By late 2025 it had made 43 climate investments worth ₹350 crore 4. A tally of company filings by PrivateCircle gave a lower total than Rainmatter’s own figures 23.
Investments
| Company | Deal |
|---|---|
| smallcase | One of its first companies; co-sponsor of Zerodha’s mutual fund 113 |
| Sensibull | ₹2.5 crore, 2018 14 |
| Finshots and Ditto | About ₹4 crore in Finshots’ seed round 21 |
| Quicko | ₹2 crore seed, 2019 15 |
| GoldenPi | Led a seed round of about ₹3.5 crore, 2020 16 |
| Two Brothers Organic Farms | ₹58.25 crore 8 |
| Capitalmind | About 5%, its first institutional money, 2025 18 |
| Wint Wealth | Joined a ₹250 crore Series B, 2026 17 |
| PensionBox | 51% for $2 million, 2026 19 |
| PrimeInvestor | ₹19.5 crore, 2026 20 |
Kamath has also named CRED, Jupiter, Fittr, The Whole Truth and Agnikul among its portfolio companies 10. Zerodha’s mutual fund business, Zerodha Fund House, is a joint venture between Zerodha and smallcase’s parent 13. We found no reported exits.
Rainmatter Foundation
The Foundation was set up around 2019-20 and works on climate, ecological restoration and livelihoods 56. It was reported to have a $100 million corpus in 2021 and a $200 million (₹1,600 crore) endowment with 75 grantees in 2023 56. In 2025 Zerodha also announced a ₹100 crore fund for rewilding land 22.
Setbacks
We found no reported write-offs or controversies involving Rainmatter. Mint reported in 2025 that it kept investing in climate technology while other Indian investors pulled back, with Pai describing a 10 to 15 year horizon 4.
See also all investors.
