MOL PLUS Co., Ltd, the corporate venture capital arm of Japan’s Mitsui O.S.K. Lines (MOL)—the world’s second-largest ship owner—has announced an investment in Theia Ventures Fund 1, marking its first-ever commitment to an Indian venture capital fund. The investment amount remains undisclosed.
Established in 2024, Theia Ventures Fund 1 is a SEBI-registered Category II Alternate Investment Fund managed by Theia Ventures LLP. Led by Priya Shah, the fund backs Indian start-ups focused on energy transition technologies such as energy management, EV mobility, next-generation batteries, as well as broader climate-tech innovations including biomaterials, decarbonisation technologies and circular economy solutions.
MOL launched MOL PLUS in 2021 to invest in start-ups aligned with its core shipping and logistics businesses and expanded its innovation focus in 2024 by establishing MOL Switch to invest in clean energy and sustainability ventures. The company said that the fund’s alignment with MOL Group’s strategic priorities in clean energy, logistics tech and climate innovation played a key role in its decision to partner with Theia Ventures.
The investment is expected to accelerate MOL PLUS’s engagement with India’s rapidly growing start-up ecosystem and strengthen the Japan–India innovation corridor. MOL PLUS set up an India Desk in November 2024 to tap into opportunities in logistics, deep tech and environmental sustainability, with Captain Shantanu Singh and Yasufumi Iino leading growth initiatives.
“As the third-largest start-up market in the world, India is one of our priority regions,” MOL PLUS said, noting that the India Desk has been actively networking with local venture capital firms and early-stage companies. Commenting on the partnership, Takuya Sakamoto, CEO of MOL PLUS, said:
“Since establishing the India Desk, we have seen the appeal of the rapidly growing Indian market. We have also learned about region-specific literacy around market trends, exit strategies and shareholder roles. By exploring this market with Theia Ventures, which has deep local understanding, we hope to expand opportunities for business creation with start-ups.”
Priya Shah, Founder and Managing Partner of Theia Ventures, said MOL’s extensive experience in the blue economy, environmental innovation and global deep-tech investments would significantly enhance the firm’s ability to support emission-reduction technologies across industries, materials, supply chains and mobility.
Theia Ventures announced the first close of its maiden $30 million fund in October after securing commitments exceeding 50% of its target corpus. British International Investment (BII) is the anchor investor, alongside Allocator One (Germany), Cisco Foundation (US), and Vitality Capital Partners (Australia). The fund is also backed by prominent global and Indian family offices, including Anand Mahindra, Meher Pudumjee (Thermax Group), JM Financial, Vimson: Shivanand Salgaocar Group and former Citibank India CEO Pramit Jhaveri.
Theia Ventures Fund 1 plans to invest in 18–20 early-stage Indian start-ups developing technologies for decarbonising heavy industry, manufacturing, material science, mobility and supply chains. It typically invests between $500,000 and $1 million, with more than half its corpus reserved for follow-on rounds.
