Seed to growth (fintech-only) fund research profile
QED Investors is a fintech specialist investing from seed through growth. Its Asia-Pacific practice is led by Sandeep Patil, and public disclosures show a material India program spanning consumer finance, lending, embedded finance and financial infrastructure.
At a glance
Research profile
Open a section to inspect the evidence. The first view starts with the investment point of view; the rest stays quiet until you need it.
Investment lens
QED Investors (India/EM) uses a seed to growth (fintech-only) approach across Lending, payments, embedded finance, fintech infrastructure.
Current evidence
QED’s May 2025 Asia-Pacific update said it had deployed more than $220M in India since 2020 and planned to invest $250M–$300M across India and Asia-Pacific over five years. The manager’s current Sandeep Patil profile identifies OneCard, Jupiter, Upswing, Refyne, LEO1, Habitto and Efficient Capital Labs among active investments.
Strategy
Seed to growth (fintech-only)
Sector focus
Lending, payments, embedded finance, fintech infrastructure
AIF structure context
Indian venture capital and angel-fund strategies are commonly structured as Category I AIFs. Verify the specific vehicle and registration before investing.
Current signal
QED’s May 2025 Asia-Pacific update said it had deployed more than $220M in India since 2020 and planned to invest $250M–$300M across India and Asia-Pacific over five years. The manager’s current Sandeep Patil profile identifies OneCard, Jupiter, Upswing, Refyne, LEO1, Habitto and Efficient Capital Labs among active investments.
Investor questions
QED Investors (India/EM) is covered in Rupeia's venture capital research universe. The current public record describes the strategy as Seed to growth (fintech-only), with a sector focus of Lending, payments, embedded finance, fintech infrastructure. The profile should be read with the linked source trail and Typical route: Category I AIF context.
The profile displays only company or asset names attributable to QED Investors (India/EM) in the reviewed public sources: OneCard, Jupiter, Upswing, Refyne, LEO1, Habitto, Efficient Capital Labs. It does not represent a complete current portfolio unless the manager has published one.
QED reported more than $220M deployed in India since 2020 and plans to invest $250M–$300M in India and Asia-Pacific over five years. The public record names OneCard, Jupiter, Upswing, Refyne, LEO1, Habitto and Efficient Capital Labs; India fund-level returns are not disclosed. These signals are not a substitute for fund- and vintage-specific net performance, realised distributions and audited or administrator-supported reporting.
Public fund size: $925M of combined Fund VIII and Growth II commitments reported in 2023; India-specific vehicle size is not separately disclosed.. Public terms or access information: Fintech investing from seed through growth, with 2025 reporting describing $3M–$20M early-stage and $20M–$40M growth-stage cheque ranges and a 15%–20% ownership target.. Current fees, minimum commitment and availability must be confirmed for the exact named vehicle in its fund documents.
The current source record names Sandeep Patil, Nigel Morris, Bill Cilluffo. Verify current roles, departures, attribution and key-person provisions before relying on the team history for a new commitment.
Review stage concentration, follow-on reserves, company failure rates, dilution, exit timing and the gap between paper valuations and realised distributions. The current open diligence point is: India-specific fund allocation and fund-level returns are not separately disclosed; the legacy source trail was reconciled because it had been mismatched to Flourish Ventures..
2025-05-05: QED’s May 2025 Asia-Pacific update said it had deployed more than $220M in India since 2020 and planned to invest $250M–$300M across India and Asia-Pacific over five years. The manager’s current Sandeep Patil profile identifies OneCard, Jupiter, Upswing, Refyne, LEO1, Habitto and Efficient Capital Labs among active investments.
Next step
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