Refex Capital

Refex Capital is an early-stage venture capital fund from the Refex Group, supporting Indian entrepreneurs who leverage technology to create the country's next wave of leading companies. Based in Chennai, the fund merges extensive industry experience with targeted startup investments.

Origin and Vision:

The Refex Group's journey began in 2002 when founder Anil Jain revolutionized the refrigerant gases industry, later branching out into coal ash handling, solar energy, electric vehicles, and more. This entrepreneurial spirit gave rise to Refex Capital, driven by the belief that India is poised to develop its next tech leaders in the coming years.

Fund Size and Stage:

Refex Capital manages approximately $30 million, positioning itself as an early-stage, entrepreneur-centric investor. It typically invests from angel, pre-seed, seed to pre-Series A stages, initially offering up to $500,000, with the ability to increase to $1 million per startup, including follow-on investments.

Sectors and Thesis:

The fund is tech-driven but sector-agnostic, with a portfolio that includes AI, healthtech, cleantech, consumer, fintech, deeptech, and energy. Its mission is to support Indian startups creating products or services for the local market with clear potential for global scalability and a sustainable competitive advantage.

Portfolio and Approach:

Refex Capital has invested in over 20 companies, achieving at least three exits, with notable names like Rage Coffee, Contiinex, Trillbit Technologies, and Orbo. Beyond funding, the team assists founders with market validation, team development, business model optimization, customer and partner acquisition, and follow-on fundraising.

What They Look For:

The fund favors startups that have completed proof of concept, demonstrated early product-market fit, and begun acquiring paying customers, with a clear path to profitability. Refex Capital seeks to be a catalyst from the earliest stages, often engaging with founders well before formal fundraising, and remaining a supportive partner through subsequent rounds.