Enzia Ventures

While EdTech has gone through its share of cycles, our conviction has remained strong. At Enzia, we've stayed committed to backing exceptional entrepreneurs solving one of India’s most pressing and systemic challenges—education and employment for a young, ambitious population. Instead of pausing on the sector, we chose to reflect, consolidate learnings, and nuance our understanding of what it takes to build sustainable businesses in EdTech. This note captures what we believe most strongly today—and we hope it’s useful to fellow investors and both current and aspiring founders. Link: https://lnkd.in/gxzpTwVp We’ve also outlined areas of opportunity for the next five years. No list can be exhaustive, and we look forward to learning more and sharing more as the space evolves. Shivam Jindal Enzia Ventures

Over the past 15 years, EdTech in India has gone through rapid cycles of growth, overreach, and recalibration. Billions of dollars have been invested, and many strong companies built. But value creation has been uneven, and the hard-won learnings are just as important as the wins. At Enzia, we’ve spent the past few months digging deep into the sector: 1. What investments have been made, and what value created? 2. What has the sector learnt in 15 years? 3. What are the new opportunity axes: White Spaces & Emerging Trends 4. Where can one build: Segment-wise thesis In this presentation, we map the evolution of Indian EdTech and explore where the next wave of opportunities may lie, across segments like early education, school education, higher education, and workforce productivity. From aspirations and affordability to GTM and regulation, every segment brings its own constraints, and its own possibilities. We’ve been long-term believers in the potential of education to drive social and economic mobility, and we remain as excited as ever. At Enzia, we’re committed to partnering with founders building the next generation of EdTech companies, mission-driven, outcomes-focused, and grounded in trust. For those building the next generation of EdTech, we hope this provides a helpful compass. See the full presentation here: https://lnkd.in/gh2nwmNi Namita Dalmia Jayshree Kanther Patodi Karuna Jain Shivam Jindal Nehil Agrawal Prakhar Singh

Healthcare and life sciences have long faced systemic hurdles: an acute shortage of quality healthcare professionals, a reactive rather than proactive approach to care, and the protracted journey of drug discovery. These "binding constraints" have led to fragmented access, escalating costs, and unresolved health challenges, impacting our quality of life. At Enzia, we believe healthcare is the prime sector for AI's most profound and transformative impact. We are excited about the following opportunities: 👉 AI-first Horizontal Platforms and Services: Solutions automating healthcare workflows and enabling digital transformation with seamless integration and client support. (Ex: Reveal HealthTech is driving adoption of AI solutions for clinical and non-clinical use cases, serving both startups and Fortune 50 companies in the USA). 👉 AI-first RCM Players serving the USA: Tapping into the significant US Revenue Cycle Management market with AI-driven solutions for superior efficiency and accuracy. (Ex: RapidClaims which has seen 6x growth in a year, achieving >98% clean claim rates and a 40% reduction in denials). 👉 AI-Based Clinical Decision Support Systems (CDSS): Leveraging AI to act as a force multiplier for healthcare professionals, providing timely advice and diagnoses. India's diverse patient data and clinical expertise offer a distinct advantage. (Ex: Our portfolio company Morphle Labs Inc. is accelerating cancer diagnosis by automating histology, with robotics and AI achieving 2x faster throughput). 👉 India to USA Healthcare Corridor: Capitalizing on the large US healthcare market using India's established IT services playbooks. (Ex: Our portfolio company @circlehealth after achieving exceptional outcomes in India is expanding to the USA, leveraging AI to deliver Value Based Care). Read the full piece here: https://lnkd.in/gNbtZPng Jayshree Kanther Patodi Karuna Jain Namita Dalmia Nehil Agrawal Shivam Jindal Prakhar Singh

We believe that the future of work is not replacing humans. It’s reshaping the way productive teams look. It is already beginning to be a Human+AI era, where AI is handling the groundwork while people bring judgment, creativity, and empathy. This shift can be as powerful as our ability to skill and re-skill at scale. In our latest piece, we explore how jobs are evolving, why the curriculum must move beyond “prompt engineering,” and where the role of cognitive and socio-emotional skills become even bigger. Another important whitespace lies in creating GenAI-native skilling platforms and work tools. A couple of our portfolio companies - edept, rethinking career readiness, and Thriving Springs AI, driving frontline productivity - are already helping define this future. Read the full piece here: https://lnkd.in/gbFfukf2 Namita Dalmia Jayshree Kanther Patodi Karuna Jain Nehil Agrawal Prakhar Singh Shivam Jindal

Over the past two decades, EdTech has meaningfully expanded access to learning and introduced a range of new formats. Yet for most children, the day-to-day classroom experience has changed little. Instruction is still largely one-size-fits-all, and despite all the technological progress, the loop between instruction and mastery often remains open. GenAI marks a real shift. With real-time feedback, conversational interfaces, and hyper-personalised content generation, it can fundamentally reimagine how we teach and learn—inside and outside the classroom. At Enzia, we’re actively exploring how GenAI reshapes the opportunity landscape for education entrepreneurs. Unlike past waves of EdTech, GenAI has the potential to change both the outcome and economics of learning—enabling far more personalized, scalable, and cost-effective models. But the success of GenAI in education won’t depend on tech alone—as always, innovation must meet GTM. Those who crack trust, deliver real learning outcomes, and effective distribution will define the future of GenAI-powered learning. Read our full piece here: https://lnkd.in/gd6PKSqn Namita Dalmia Jayshree Kanther Patodi Karuna Jain Prakhar Singh Nehil Agrawal Shivam Jindal

India’s $16B physical single-specialty healthcare market contributes nearly 20 percent of the country’s hospital revenue, yet much of it remains unorganized. While a few specialties like IVF, dental, and eye care have attracted meaningful funding and seen the emergence of scaled platforms, these still remain fragmented and uneven in quality and access. There is still meaningful room to build large phygital, single-specialty businesses in India, both in these proven specialities and in a new wave of emerging specialties such as transition care, OPD care, aesthetics, and pediatric neurology. At Enzia, we have outlined how the phygital, single-specialty market is evolving, where the white spaces exist, and what we believe will define the next generation of phygital, single-specialty platforms in India. Link to overview: https://lnkd.in/gPV_ZWf6 Link to report: https://lnkd.in/gdkgSaHY Namita Dalmia Jayshree Kanther Patodi Karuna Jain Prakhar Singh Shivam Jindal Nehil Agrawal

The US Healthcare RCM (Revenue Cycle Management) industry is a ~$201 billion market, with approximately 22% of that spend already outsourced to specialized vendors. With the rise of GenAI and regulatory mandates such as FHIR interoperability and price transparency APIs, there is now a meaningful opportunity to re-architect this industry. The goal is no longer incremental efficiency. It is to design intelligent, outcome-focused systems that integrate clinical data, administrative workflows, and financial operations. The next wave of RCM platforms will be defined by the value they deliver: faster reimbursements, fewer denials, greater visibility for providers, and improved patient experiences. Detailed article here: https://lnkd.in/g-J6b95s Namita Dalmia Jayshree Kanther Patodi Karuna Jain Prakhar Singh Shivam Jindal Nehil Agrawal

India is rapidly emerging as a hub for cutting-edge gene and cell therapy innovation, with pioneering startups like Immuneel Therapeutics, Eyestem, and ImmunoAct leading the charge in developing affordable, world-class treatments for cancer, genetic diseases, and beyond. From indigenous CAR-T therapies to advanced AAV vector platforms, the ecosystem is vibrant and growing. If you are a founder or part of a startup focused on gene therapy, cell therapy, or related biotech innovations in India, I want to hear from you! Let’s connect, collaborate, and accelerate the development of transformative therapies accessible to millions. Drop a comment or DM me to share your journey, challenges, and vision for gene therapy in India. Together, we can drive the next wave of biomedical breakthroughs! #GeneTherapy #CellTherapy #BiotechIndia #HealthcareInnovation #StartupsIndia #CAR-T #AAV #GeneEditing #BiotechFounders #IndiaHealthcare

Gene therapy is shifting from scientific breakthroughs to questions of access, affordability, and scalability. India is beginning to offer a differentiated path—driven by cost efficiency, scientific talent, and early regulatory momentum. In our latest primer, we explore the current landscape, emerging tailwinds, and the potential for India to shape the next phase of Gene therapies Link to the primer: https://lnkd.in/gZycBC7Q Link to a quick overview: https://lnkd.in/g_n5XQVw Namita Dalmia Jayshree Kanther Patodi Karuna Jain Prakhar Singh Shivam Jindal Nehil Agrawal

The last five years have seen significant shifts in India's climate-tech ecosystem, with evolving sector trends, and emerging opportunities. At Enzia, we have been actively analyzing climate-tech space, refining our thesis, and deepening our perspectives across key climate themes. In this document, we share our reflections on investment trends and the themes we believe will shape the future of climate-tech innovation in India. Looking forward to your thoughts and discussions! Karuna Jain Namita Dalmia Jayshree Kanther Patodi Shivam Jindal Nehil Agrawal Prakhar Singh