Udit Bhatnagar

Udit Bhatnagar is a Partner at McRock Capital, a Toronto- and Calgary-based venture capital firm founded in 2012 that invests exclusively in industrial software, Industrial IoT, and Industrial AI companies. He joined McRock in late 2018 as an Associate on the investment team, was promoted to Vice President in January 2021, and was elevated to Partner in June 2025.

Before venture capital, Udit spent roughly seven years in the technology sector, working on products and services at firms including Infosys and Danske Bank across Spain, Denmark, and Japan. He developed a passion for backing entrepreneurs while serving as a fellow at IE Business School's Center for Entrepreneurship, then moved into early-stage investing in India, where he led due diligence at Keiretsu Forum before immigrating to Canada.

He holds an MBA from IE Business School in Spain (with an exchange semester at the University of Toronto's Rotman School) and an undergraduate degree in industrial engineering from VTU in India. He is fluent in English, Hindi, and Spanish. The son of a plastics/manufacturing engineer and an artist, Udit frames his work around a blend of engineering fluency and creative problem-solving — "Every great idea was once just a blank canvas."

At McRock, Udit has helped deploy the firm's funds — the inaugural ~$70M Fund I, the ~$112M Fund II, and the ~$120M Fund III (2024), which brought the firm to roughly C$300M in assets under management. He describes his focus as backing "bold founders using Industrial AI to rewire how the physical world runs," and works hands-on with founders on product development and go-to-market strategy.

• Invests exclusively in industrial software / Industrial AI / Industrial IoT — technology that transforms how the physical, industrial world operates.
• Backs primarily Series A and Series B companies, writing first cheques in the ~$5M–$7M range.
• Targets companies with $5M–$20M in annual revenue and a credible path to scale to $100M+.
• Looks for engineering- and technology-driven founders; Udit "speaks the language of engineers and technologists" and understands the realities of scaling in industrial settings.
• Stated thesis (his own words): backs founders "using Industrial AI to rewire how the physical world runs," aiming to prove "that industrial software can be innovative and transformative."