In India’s rapidly evolving startup landscape, manufacturing and deep tech are witnessing a renaissance driven by India’s push for self-reliance, global supply-chain realignment, and a new generation of commercially savvy founders with stronger commercial acumen and investors willing to back complex, science-led innovation. In a detailed conversation between Ankit Kedia, Founder and GP of Capital-A, and Sandhya Bharti, Head of Editorial IP & News of Indian Startup Times (IST), the discussion explored the rise of ISD, Ankit’s entrepreneurial journey, his investment lens, and the opportunities emerging in capital intensive sectors like manufacturing, deep tech, and climate technology.
The conversation also touched upon Enerzi, a hydrogen-tech startup using microwave plasma innovation, and the key milestones needed before institutional follow-on support.
Ankit Kedia: From Packaging Pioneer to Purpose-Led Investor
Ankit shared the story of his family’s business, Manjushree Technopack, which grew significantly through strategic timing, acquisitions, and PE partnerships. He emphasised how crucial it is for founders to recognise market timing, remain grounded during growth, and build with conviction rather than chasing money.
His experience of over 17 years from packaging to setting up a medical device business – Caremont helped him understand the nuances of commercialization, competition, and product-market dynamics. These learnings now shape Capital-A’s investment thesis.
These operator experiences have shaped my bias toward real-world execution over technology for technology’s sake.
Capital-A and the Rise of Manufacturing-Led Innovation in India
Capital-A is among India’s earliest and most committed manufacturing-focused early-stage funds and under Ankit’s leadership, it has pioneered support for founders working in complex, complex, long-cycle sectors. He noted a significant shift:
“Manufacturing founders today talk like business leaders. It’s no longer just about the product, it’s about monetization, scalability, and commercial strategy. They understand cost curves, supply chains, and productizing research, something that was rare even five years ago.”
Fund II will deepen Capital-A’s focus on manufacturing, climate tech, and deep tech—reflecting India’s strategic push to become a global manufacturing powerhouse.
Enerzi: Evaluating Microwave Plasma Hydrogen Technology
A key part of the discussion was the assessment of Enerzi, a company building hydrogen through microwave plasma technology. Ankit highlighted two major strengths:
1. Strong Scientific Grounding
The founding team’s research depth and scientific clarity significantly reduce early-stage technical risk, an important factor in deep tech investing.
2. Economic Viability Through Co-Product
In addition to hydrogen, the production of carbon nanopowder enhances unit economics and commercial feasibility.
Milestones for the Next 12–24 Months
For deeper support or institutional participation, the next set of milestones will be important markers.
- Successful commercialization
- Paid pilots and customer validation
- Scalability and economic viability
- Proof of consistent hydrogen output
- Regulatory preparedness
Enerzi, he noted, has the potential to reshape India’s clean hydrogen landscape if these milestones are met.
Advice for Young Entrepreneurs in Capital-Intensive Sectors
A major focus of the conversation was Ankit’s structured advice for founders building in manufacturing, deep tech, or climate tech sectors where capital requirements and timelines are steep.
1. Don’t Build Alone: Find Co-Founders
“In capital intensive sectors, solo founders struggle. A strong co-founder brings technical, commercial, or operational complementarity.”
2. Validate First – Raise Later
Before approaching long-term capital providers, Ankit advises:
- Run small pilots
- Get customer commitments
- Secure small angel cheques
This reduces investor risk and builds credibility.
3. Focus on Paid Customer Validation
In deep tech, customer intent must translate into monetary validation—not just demos or letters of interest.
4. Know Your Unit Economics Early
Even for complex tech products, a basic understanding of future margins, cost curves, and scalability helps investors assess viability.
5. Build a Roadmap for Commercialization
Investors want to see a clear path from lab → pilot → real-world deployment → revenue.
Ankit emphasized that long-term capital providers aren’t just looking for innovation—they’re looking for proof that innovation can scale.
Family Offices and the Startup Wave
Ankit also observed the changing mindset of family offices:
“Family offices are warming up to startups like never before. Many now want structured guidance to navigate the space.”
Yet, he clarified that Capital-A is currently not active in fintech anymore , though open to exploring sector-adjacent platforms like cybersecurity or hardware infra for fintech etc..
Conclusion: The Future of Indian Deep Tech Is Being Written Now
The conversation highlights a decisive shift in India’s deep tech and manufacturing ecosystem, one where disciplined execution, commercialization readiness, and economic rigor are becoming as critical as scientific breakthroughs. Investors and founders alike are converging around a shared goal: turning complex innovation into scalable, real-world impact.
As India rebuilds its industrial backbone, the next decade will belong to founders who merge science, engineering and entrepreneurship. Capital-A intends to be a long-term partner in that journey.
-Interview conducted by Sandhya Bharti
