Vikram Gupta founded IvyCap Ventures has announced an Angel fund with a target corpus of up to Rs 60 crore that is to be deployed into earlier stage startups.
With this fund, the VC looks to take upon riskier bets engaging themselves in Seed, pre-Series A, and Series A rounds. Part of the plan is also to use a quarter of the fund to collaborate with global accelerators to invest in accelerating startups.
According to Vikram Gupta’s statement to Mint, The VC is looking to invest in 30-40 companies in the sectors like health tech, consumer tech, agritech. The focus will also be on AI, AR/VR, and hardware. He expects the fund to be raised in the next few months.
The members are looking to raise this fund from angel investors, specifically successful IIT and IIM alumni holding influential positions in the economy and country.
The VC firm already has two funds in place, maiden fund and fund II, and had announced a venture debt fund last month with a target corpus of Rs 500 crore. The 2012 venture capital maiden fun was of Rs 240 crore, and the following fund II was closed at Rs 550 crore last year.
With these funds, the firm has invested in 21 companies with a stellar lead in 16 of them. The firm’s portfolio includes companies like Bluestone, GrabOnRent, Purplle, Clovia, RML Information Services etc. In June 2017, it also invested in a fintech company ftcash along with 500 startups.
One month post ftcash investment, IvyCap had also made an exit from Sokrati when it was acquired by Dentsu Aegis Network.
With two funds, Venture debt and angel, to be raised in next few months, both with significant corpuses, it remains to be seen how much time it takes for the VC to meet its targets and how the raised funds eventually help startups in their fledgling stage.
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