Rebalance is building India's missing capital pipeline for women founders

Women founders receive just 2% of venture capital funding globally. Yet the performance numbers tell a different story: for every $1 invested, women-led startups generate $0.78 in returns, compared to $0.31 for men-led startups. They also deliver 2.5x better returns while raising 50x less capital.

The numbers pointed to a clear gap. But what it came down to wasn't a shortage of capable women founders; it was a shortage of access: access to networks, investors, mentors, and the rooms where early-stage decisions get made.

In 2019, Aishwarya Malhi and Vikas Kumar set out to close this gap, launching Rebalance, India's first accelerator and angel community focused on women and diverse founders, building the missing pipeline rather than waiting for the ecosystem to change.

Why Rebalance was created

Prior to Rebalance, Malhi, who holds a BSc (Hons) in business and management from the University of London, met Kumar in 2016. Kumar, who holds a B.Tech from KIIT Bhubaneswar, had previously founded Youth24x7.com and Hersaga.com, a platform spotlighting women entrepreneurs from around the world.

Years of conversations with founders made India's startup funding gap increasingly visible to them. The turning point came when Kumar hosted a pitch competition for women founders with Jaarvis Accelerator, where even a founder with a strong background, a compelling story, and a solid product could not secure her first cheque. Credible ideas existed, but the systems connecting them to capital did not.

The pipeline didn’t exist, they concur. “It was never built,” says Malhi. Kumar says the gap was structural. “If you don't know the right people, and they're not looking for you, you stay invisible.” 

No one openly said female founders were unwelcome, but familiarity bias often shaped decisions. “No one said, ‘We don’t fund women-led startups,” Malhi adds. “They just backed what felt familiar, and missed what didn’t fit the pattern.”

To fix a structural problem, they built a structural solution.

How the accelerator works

Rebalance supports early-stage startups through a structured accelerator programme, community access, and investments through its angel network. Its 15-week accelerator runs twice a year, in summer and winter, and accepts just 10-15 companies per cohort. “It is what makes the programme high-touch and genuinely personalised,” Kumar says.

The programme is designed for early-stage startups with a minimum viable product or early users. Eligibility requires at least one active woman founder and early traction, even if the startup is pre-revenue. The program is sector agnostic with a focus on technology startups.

Rebalance’s approach is founder-focused. “The investment thesis at Rebalance is, above all else, founder-first,” says Malhi. The accelerator looks for people with bold visions, strong market understanding, openness to feedback, adaptability, and a long-term mindset. Startups are sourced through alumni recommendations, LinkedIn, partner referrals, and direct outreach. Upon selection, Rebalance takes 1% equity.

The first week focuses on milestones and clarity. “Capital raised without clarity isn't capital well used,” Malhi says. 

Support spans weekly growth sessions, one-on-one mentoring, expert bootcamps, wellness support, and introductions to more than 180 VC partners across India, Southeast Asia, Europe, and the United States. 

Storytelling is another major focus, helping founders refine their pitches and investor communication, often starting from scratch.

“The accelerator is not a transaction; it's a long-term relationship,” says Malhi.  “Founders from batch one still call when they run into problems.” 

The angel community

Alongside the accelerator, Rebalance runs an angel community that is 60% women and 35% first-time investors. In nearly every deal, one in four angels is a woman, bringing more diverse capital to the founders in the pipeline. 

The network invests across all stages, with cheques of up to $200,000 or Rs 3.5 crore to 4 crore, either joining or leading rounds with flexible terms. Many accelerator participants continue to angel funding.

Malhi and Kumar select founders from the cohort to invest in through the Rebalance Angel Community. While the program centres on women founders, Rebalance's investments are not exclusively limited to them; founders outside the program's eligibility criteria can also pitch to Rebalance directly.

Unlike most angel groups that follow larger investors, Rebalance says it often leads based on its own conviction. As many applicants come through the accelerator, the team has already spent three to six months working closely with founders before investment decisions are made. 

The angel network began informally when accelerator mentors started investing, before being formalised in 2022. “Too few women sat across the table as investors,” says Malhi. 

Rebalance also helps first-timers access quality deals and participate with guidance. “Guided access was always the goal, built true to mission,” says Kumar. 

What has been built so far

Operating with two founders, two employees, and one office in Gurugram, Rebalance has supported more than 200 founders across 10 cohorts from India, Singapore, Hong Kong, Canada, and Berlin. 

The Rebalance Angel Community has made 30 investments, with 26 currently active. Of these, 76% are women-led (19 out of 26), while 38% are in deeptech (10 companies, including nine women-led ventures).  Co-investors include Blume, 3one4 Capital, Antler, Pi Ventures, Y Combinator, and B Capital.

Portfolio companies have raised $50 million in follow-on funding. 

Rebalance’s network includes more than 180 VC partners in India, Southeast Asia, Europe, and the US. Malhi hosts AMA (Ask me anything) chats over coffee for female founders and women who are aspiring angel investors, and has hosted over 120+ women across Delhi, London, Mumbai, Bangalore and Gurugram since 2024.

Investment has gone into sectors such as energy storage, healthcare, AI, climate, fintech, and proptech. Companies in the portfolio include BrainSight AI (AI neuropsychiatric screening), Dreamfly Innovations (graphene batteries for defence), Meine Electric (iron-air energy storage), Aegion (advanced materials company), GreenAero (green propulsion for aviation), Pinky Promise (women's health AI), Accacia (real estate decarbonisation), and Pico Xpress (D2C logistics).  

The road ahead

Going forward, Rebalance plans to double accelerator cohorts and also increase angel cheque sizes to meet founder demand. 

Deeptech remains a priority area. "More women on cap tables as investors, not just founders, is priority one," says Malhi, who is also an angel investor and one of India's youngest Independent directors.

The founders believe structural and cultural gaps still persist: family expectations, limited role models, and hesitation around risk capital. “Access can be built now. Put women in the right rooms with conviction behind them, that changes trajectories,” remarks Malhi. 

"Early belief can sometimes make or break a founder's journey," says Malhi. "We started Rebalance to do just that, help founders take the first step towards building a billion-dollar company, no matter who they were or where they came from."

From unanswered pitches in Gurugram to backing more than 200 founders, Rebalance has focused on one idea: building the infrastructure women founders should have had all along.