About QED Innovation Labs
QED Innovation Labs is a venture capital firm founded in 2018. It is primarily based out of Mumbai, India. As of Feb 2026, QED Innovation Labs is an active investor, having invested in 229 companies, with 7 new investments in the last 12 months. It primarily invests in Seed round in India based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to Consumer and Retail. Most recently it participated in the $***** Seed round of Temple Overall, QED Innovation Labs portfolio has seen 9 unicorns, 3 IPOs and 9 acquisitions including key companies like Swiggy, Urban Company and Shiprocket. A lot of funds co-invest with QED Innovation Labs, with names like Kunal Naresh Shah sharing a substantial percentage of its portfolio. QED Innovation Labs has team of 2 people including 2 partners.Key Metrics
Team Members
Portfolio Count
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Seed, Series A & 6 more
Portfolio IPOs
QED Innovation Labs' List of Top Investments
QED Innovation Labs has a portfolio of 229 companies, including 9 unicorns. Their most notable investments are in RevRag and Career Anna.Their portfolio spans across India, United States, Anguilla and 2 more locations. They have invested in Enterprise Applications, Consumer, Retail and 30 other sectors, across stages such as Seed, Series A and 6 more. Here is the list of top investments by QED Innovation Labs:1. Swiggy
Operator of digital platforms facilitating food and grocery delivery services. These platforms connect consumers with restaurants and retail stores to enable the purchase and transport of prepared meals and household goods. The service manages the logistics of order fulfillment and delivery through a network of independent couriers. Users access these services through mobile applications to browse menus and product inventories before placing orders for fulfillment.
Key facts about Swiggy
- Founded Year: 2013
- Location: Bengaluru (India)
- Annual Revenue: ₹1,000+ Cr as on Mar 31, 2025
- Stage: Public
- Total Funding till date: $3.62B
- Employee Count: 4,488 as on Mar 31, 2025
- Investors: Harmony Partners, Harmony Venture Partners and 90 Others
- Latest Funding Round: Post IPO, Dec 12, 2025, $*****
- Highlight: Public
Provider of home maintenance repair and personal care service professionals. This business facilitates the booking of technicians for appliance repair, plumbing, electrical work, and cleaning tasks. It also connects individuals with practitioners for salon, spa, and grooming treatments performed at residential addresses. The service model coordinates scheduling for various household maintenance and wellness requirements.
Key facts about Urban Company
- Founded Year: 2014
- Location: Gurugram (India)
- Annual Revenue: ₹1,000+ Cr as on Mar 31, 2025
- Stage: Public
- Total Funding till date: $376M
- Employee Count: 2,111 as on Mar 31, 2026
- Investors: ABG Capital, Dragoneer Investment Group and 50 Others
- Latest Funding Round: Angel, Jun 29, 2022, $*****
- Highlight: Public
3. Shiprocket
Provider of e-commerce shipping, fulfillment, marketing, and financial services. The business offers tools for domestic and cross-border shipping, including integrations with courier partners. Fulfillment services encompass warehousing, packaging, and shipping. Marketing solutions include checkout optimisation and customer engagement tools. Financial services provide capital and credit score assessment.
Key facts about Shiprocket
- Founded Year: 2012
- Location: Gurugram (India)
- Annual Revenue: ₹1,000+ Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series E
- Total Funding till date: $322M
- Employee Count: 915 as on Aug 31, 2025
- Investors: Temasek, Innoven Capital and 63 Others
- Latest Funding Round: Series E, Dec 23, 2024, $*****
- Highlight: Editors' Pick
4. GIVA
Retailer of silver, gold, and lab-grown diamond jewellery. The company offers a variety of jewellery items, including rings, necklaces, pendants, bracelets, and earrings. It also provides personalized jewellery options and gift cards. ```
Key facts about GIVA
- Founded Year: 2019
- Location: Bengaluru (India)
- Annual Revenue: ₹500 - ₹1,000 Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series C
- Total Funding till date: $133M
- Employee Count: 3,227 as on Apr 30, 2026
- Investors: Premji Invest, India Quotient and 81 Others
- Latest Funding Round: Angel, May 25, 2026, $*****
- Highlight: Editors' Pick
Provider of general and life insurance products across various categories. It offers car, bike, health, property, travel, and business insurance, alongside term life, savings, retirement, and group life insurance plans. The company facilitates claims processing, policy renewals, and provides resources such as calculators, guides, and transparency reports. It also offers opportunities to become an agent for its insurance products.
Key facts about Digit Insurance
- Founded Year: 2016
- Location: Bengaluru (India)
- Annual Revenue: ₹1,000+ Cr as on Mar 31, 2025
- Stage: Public
- Total Funding till date: $462M
- Employee Count: 4,589 as on Mar 31, 2026
- Investors: TVS Capital Funds, Faering Capital and 35 Others
- Latest Funding Round: Series D, May 04, 2022, $*****
- Highlight: Public
QED Innovation Labs' Year-on-Year Investment Trends
QED Innovation Labs has invested in 229 companies over the last 8 years, with an average of 33 new investments annually in the last 5 years. In 2025, it made 7 investments, while as of Feb 2026, it has made 5 investments in this year. Its most recent first time investment was in Temple and most recent follow-on round was in CRED.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 5 | 0 | 5 |
2025 | 6 | 1 | 7 |
2024 | 9 | 2 | 11 |
2023 | 26 | 1 | 27 |
2022 | 64 | 6 | 70 |
2021 | 88 | 8 | 96 |
2020 | 16 | 2 | 18 |
2019 | 6 | 1 | 7 |
2018 | 3 | 0 | 3 |
QED Innovation Labs' Investments by Stage
QED Innovation Labs has made 164 investments in Seed stage with an average round size of $2.49M, 40 investments in Series A stage with an average round size of $7.7M and 10 investments in Series B stage with an average round size of $25M.Stage of entry | No. of Investments |
|---|---|
Seed | 164 |
Series A | 40 |
Series B | 10 |
Series E | 3 |
Series C | 2 |
Others | 4 |
Note: We have considered here, only first round of investments
QED Innovation Labs' Investments by Sector
QED Innovation Labs has a diverse portfolio, with companies operating in the Enterprise Applications, Consumer, FinTech, Retail and HealthTech. Notably, it has invested in 216 Tech companies, 160 Consumer (B2C) companies, 105 Enterprise (B2B) companies and at least 101 companies focusing on Software.Sector | No. of Investments |
|---|---|
Enterprise Applications | 75 |
Consumer | 74 |
FinTech | 71 |
Retail | 45 |
HealthTech | 29 |
Others | 263 |
Note: We have considered here, only first round of investments
QED Innovation Labs' Investments by Geography
QED Innovation Labs has made most investments in India (220), followed by United States where it has made 4 investments.Country | No. of Investments |
|---|---|
India | 220 |
United States | 4 |
Anguilla | 1 |
Singapore | 1 |
United Kingdom | 1 |
Note: We have considered here, only first round of investments
QED Innovation Labs' recent investments
QED Innovation Labs has made 5 investments in 2026 so far. Temple and Boba Bhai are the latest among them.Here are the most recent investments by QED Innovation Labs:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Feb 27, 2026 | India | Seed | 6918 | [+9] | |
Feb 25, 2026 | India | Series A | 2695 | [+11] | |
Jan 13, 2026 | India | Seed | 8187 | [+29] | |
Jan 13, 2026 | India | Series A | 8468 | [+9] | |
Jan 07, 2026 | India | Seed | 3913 | [+11] |
Unicorns in QED Innovation Labs' Portfolio
QED Innovation Labs has 9 unicorns in its portfolio - Raise, Rapido, Porter and others. The most recent unicorn in their portfolio is Raise. It became a unicorn in 2025, 4 years after QED Innovation Labs first invested in it.Here is a list of unicorns in QED Innovation Labs' portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
77 | Developer of financial service products and infrastructure for Indian residents | 2021 | Mumbai | Series B | ckdc{{t | ||
84 | Provider of an intra-city bike taxi ride-hailing service offering affordable, quick, and comfortable rides | 2015 | Bengaluru | Series F | gtvtqbt | ||
75 | Provider of on-demand goods transportation and logistics solutions via application | 2014 | Bengaluru | Series F | qezlidq | ||
85 | Provider of e-commerce shipping, fulfillment, marketing, and financial services | 2012 | Gurugram | Series E | nevlztc | ||
75 | Developer of human capital management software with AI capabilities | 2015 | San Francisco | Series D | hldbnwx |
IPOs and Publicly Listed companies in QED Innovation Labs' Portfolio
3 of QED Innovation Labs' portfolio companies have become public. Urban Company got listed on the Bombay Stock Exchange (BSE), National Stock Exchange (NSE), in Sep 2025 at marketcap of $1.69B and Swiggy got listed on the National Stock Exchange (NSE), Bombay Stock Exchange (BSE) at marketcap of $10.3B.Here are QED Innovation Labs' portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Sep 17, 2025 | - | - | 9145 | |
Nov 13, 2024 | - | - | 7580 | |
May 23, 2024 | Jul 01, 2021 | Series C | 4950 |
Acquired companies in QED Innovation Labs' Portfolio
9 companies from QED Innovation Labs' portfolio have been acquired. The most recent acquisition was Innovist in Jun 2026 by L'Oreal for $*****.Here are QED Innovation Labs' portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jun 18, 2026 | Apr 26, 2022 | Seed | 5222 | |
Sep 04, 2025 | Sep 27, 2021 | Series E | 2061 | |
Aug 13, 2025 | May 04, 2023 | Seed | 5711 | |
Jul 08, 2025 | Nov 12, 2021 | Series A | 4717 | |
Dec 28, 2024 | Oct 08, 2020 | Series A | 8573 |
Team profile of QED Innovation Labs
QED Innovation Labs has a team of 2 members including 2 Partners located in India. QED Innovation Labs' team sits on the board of 2 companies.Co-investors of QED Innovation Labs
Over the past 8 years, 6570 investors have co-invested in QED Innovation Labs's portfolio companies. This includes funds and angels.
- Invested before QED Innovation Labs: Angel List, Wellfound and 1804 others have invested in rounds before QED Innovation Labs. There are 22 companies where Angel List has invested before QED Innovation Labs and 20 companies where Wellfound has invested before QED Innovation Labs.
- Top Co-investors of QED Innovation Labs: 2926 investors entered a company along with QED Innovation Labs. These include investors like Kunal Naresh Shah (94 companies).
- Invested after QED Innovation Labs: A total of 1838 investors have invested in QED Innovation Labs's portfolio after their investments. Top Investors include Kunal Naresh Shah (23 companies), Alteria Capital (17 companies) and Angel List (16 companies).
