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The Venture Codex

BAce Capital

6-6, Kinsei-cho, Kagoshima-shi, Kagoshima, 892-0828, Japan

Overview

BAce Capital, backed by Ant Group, is an early stage venture capital fund investing in Southeast Asia and India. The firm also helps technology companies to grow through their knowledge and resources across China, India, and SEA. They are committed to support young dreams and pursue dreams with the startup together. BAce Capital was founded in 2019

Total investments
6
Lead investments
3
Investments · 12mo
0
Active investors
4

Sector focus

  • E-Commerce
  • FinTech
  • Venture Capital
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Investment portfolio

  • SuperGaming

    Participated · Series B · Aug 2025

    SuperGaming is an Indian game development studio best known for titles such as Indus Battle Royale and Silly Royale, and for producing award-winning mobile experiences. The company develops proprietary technology including the Indus Engine and SuperPlatform, a cloud-based SaaS built in partnership with Google Cloud to power hyperscale, real-time multiplayer games for lower-end devices in emerging markets. SuperGaming has pursued Web3 integration through projects like Tower Conquest: Metaverse Edition on Polygon and a Layer-3 Superchain partnership with B3 GameChain on Base to enable asset continuity and interoperable progression. The new capital will be used to expand Indus internationally (starting with Latin America in partnership with LOUD.GG), scale game development capabilities, hire top-tier talent, create new original IP, and deepen publisher partnerships. Financially, the company closed a $15M Series B following a $5.5M Series A in October 2021, with returning backers reaffirming support. SuperGaming highlights strong market validation—Indus won Google Play's "Best Made in India" award for 2024—and positions SuperPlatform as the primary focus for global expansion and developer-facing monetization and live-ops tools. SuperGaming is a Pune-based game developer that builds and publishes mobile and multiplayer titles. It has developed its own game engine for running hyper-scale, real-time multiplayer games and holds the official PAC-MAN mobile game. Its catalogue includes MaskGun (which crossed 50 million installs), Devil Amongst Us (10 million installs within four months), and Tower Conquest. The company also offers Bored, a suite of games for remote teams used in over 2,500 Slack workspaces across the US, UK, Europe and India. SuperGaming raised $5.5M in a Series A and plans to use the proceeds to expand talent by 60%, build a publishing division and market existing titles. It intends to launch a battle royale, Indus, in early 2022. SuperGaming is building a social platform that serves as a party hub for casual gamers, offering a genre of casual, social and party games. The product targets a broader audience than hard-core titles, aiming for games played by a much larger and diverse audience. The company plans to use the newly raised capital to launch its social platform and to enter international markets within the next year. SuperGaming raised $1.3 million in a seed round to fund these efforts. Founders are Roby John (co-founder and chief executive), Navneet Waraich (director of technology), and Sanket Nadhani; John previously co-founded and led Pune-based June Gaming. The article cites a KPMG and Google study projecting India’s online gaming market to grow to $1 billion by 2021 from $290 million in 2017, highlighting the opportunity SuperGaming targets.

  • ConveGenius

    Led · Series A · Oct 2021

    ConveGenius provides K–12 education solutions and partners with state governments, CSRs, NGOs and schools to drive long-lasting educational impact. The company says it has reached over 140 million Indian students through its programs. It is pursuing expansion of IP-led consulting services for the public sector and education segments across the US, Europe, APAC, Middle East and India. ConveGenius has announced plans to improve its cloud services and accelerate development of generative AI via a strategic partnership. Financially, operating revenues rose from Rs 20.72 crore in FY22 to Rs 23.93 crore in FY23, and the company reported a profit of Rs 1.53 crore in FY23 after a prior-year loss of Rs 3.88 crore. The company was co-founded in 2013 by Jairaj Bhattacharya and Shashank Pandey. ConveGenius Edu Solutions builds a conversational AI platform to deliver educational content to children across income segments. Founded in April 2013 by Jairaj Bhattacharya and Shashank Pandey, the company targets middle- and low-income households in India and plans global expansion. The startup reports 14 million monthly active users and 35 million daily conversations. With the launch of ConveGenius.AI it intends to expand across the WhatsApp ecosystem and other conversational AI channels, enable developers to launch solutions on the platform, and serve more customers across verticals. The company aims to reach 100 million households in India and ultimately scale to a billion homes globally through retail, e-tailing, and partnerships with state governments to penetrate rural and semi-urban areas. ConveGenius operates out of India and Singapore, with its India office headquartered in Noida.

  • Loship

    Led · Series C · Aug 2021

    Loship operates an on-demand delivery platform that started as a reviews app and now offers one-hour deliveries for food, ride-hailing, medicine, groceries, laundry, packages, beauty products and B2B supplies. The company says it serves about 2 million customers, works with more than 200,000 merchants and has over 70,000 drivers across Hanoi, Ho Chi Minh City, Da Nang, Can Tho and Bien Hoa. Loship plans to use the new funding to expand into new cities and grow verticals such as B2B deliveries for small food and beverage businesses and retail stores. Through a staged rollout it aims to reach 10 major cities (adding five more) by the end of 2021, then enter Tier 2 and 3 Vietnamese cities and expand regionally into Southeast Asia, with Laos and Cambodia highlighted as priorities. The company says it has a "very clear path to profitability" and has been splitting its Series C into a pre-Series C and a Series C to accelerate closing. Financially, Loship has raised $12 million in this pre-Series C round, taking its valuation to $100 million and bringing total capital raised to $20 million.

  • Adonmo

    Led · Equity · Jan 2020

    AdOnMo operates digital out-of-home (OOH) advertising screens connected to the cloud that deliver targeted, in-the-moment ads. The platform supports features such as social media-driven ad triggers, dynamic creative optimization, and QR/NFC-enabled interactions to enable offline–online integration and measurable ROI. The company was founded in 2017 by Sravanth and Sandeep Bommireddi and is based in Hyderabad. With the new proceeds it plans to expand from 24 to 40 Indian cities and increase its network by adding 100,000 displays to its current 50,000. Prior capital includes a $15 million Series B investment from Zomato in January 2022; the article reports $43 million has been raised in total to date. The product positioning emphasizes hyperlocal, data-driven campaigns designed to maximize audience engagement and provide quantifiable returns for brands. AdOnMo operates a network of outdoor digital screens and provides targeted digital advertising solutions across residential and corporate parks in 21 cities. The company was founded by Sandeep Bommireddi and Sravanth Gajula and is Hyderabad-based. It plans to use the new proceeds for working capital and business expansion. AdOnMo reported that revenue from operations quadrupled to Rs 75 crore in FY23, while losses for the same period were Rs 38 crore. Media reports estimate a post-money valuation of about Rs 858 crore (roughly $105 million) after the round. AdOnMo is an Indian digital out-of-home (OOH) advertising startup. The company provides digital OOH advertising solutions in India. It has raised $3 million in a new funding round. That round was led by BAce Capital, an India- and Southeast Asia-focused fund backed by Alibaba Group and Ant Financial. The article does not disclose additional investors, the financing instrument, revenue, users, founding year, or use of proceeds. No further operational or strategic details were provided in the article.

  • Healofy

    Participated · Series A · Mar 2019

    Healofy operates a parenting-focused social networking app and a D2C business that sells mother and infant products through a community-driven commerce model. The platform surfaces product recommendations from a trusted network of obstetricians and gynecologists and enables conversational commerce where users learn from peer reviews. Healofy processes over 50,000 orders per month through its D2C portfolio. The app reports over 600,000 daily and 2 million monthly Android active users, 9 million+ downloads, a consistent average rating above 4.6, and 75,000+ reviews. Management says the product mix and community model aim to help more women during key life stages. The company has complemented its equity financing with debt to support growth. Healofy is a women-centric content social network and pregnancy-and-parenting platform serving Indian moms. Founded in September 2016 and led by CEO Gaurav Aggarwal, the company focuses on community-driven maternal and child content. It raised US$8M in a Series A round to support growth. Healofy plans to use the funds to strengthen product, engineering and data science teams and to scale its machine learning and personalization engines. The company also intends to expand into e-commerce and additional content categories including fashion, food and lifestyle. BabyTree’s investment is positioned as strategic support—its first investment in an online maternity-and-child platform outside China—which will include sharing product, service and monetization experience to help Healofy grow in India.

Team

  • Kshitij Karundia

    Founder and Managing Partner

    LinkedIn
  • Rijul Jain

    Investments Team

    LinkedIn
  • Benny Chen

    Managing Partner

    LinkedIn
  • May Huang

    CFO