SucSEED Indovation Fund received licence as an angel fund in the Category 1 AIF from market regulator SEBI. The venture brings Rs 100 crore to nurture tech innovation and back early-stage tech startups engaged in solving problems of masses, using emerging deep-tech innovations.
Speaking about the development, Vikrant Varshney, Co-founder and Managing Partner of SucSEED Indovation Fund, said,
“The fund will work very closely with technology incubators like CIE-IIITH, T-Hub and many more. Primary focus of the fund will be on tech innovations in edtech, fintech, healthtech, enterprise SaaS and B2B, security and regtech, Digital Economy and Smart City sectors. The fund will help portfolio companies to strengthen their product offering, go-to-market strategy, and build high levels of governance and transparency so that they progress to become category leaders.”
“We will drive investments in seed to pre-Series A stages and initially invest in about 20 startups on an annual basis before rapidly increasing the scale of our operations and impact,” added Vikrant
SucSEED Indovation Fund has grown out of SucSEED Angels Network and IIITH Tech Ventures, an early-stage tech seed initiative with IIIT Hyderabad Foundation. It is sponsored by serial angel investors, mentors, industry leaders and people closely associated with the startup ecosystem for a long time.
The fund will invest in three buckets –
1. Bucket A includes seed fund — 15-20 percent of investible amount towards early/seed stage ranging between Rs 25 lakh – Rs 50 lakh investment per startup.
2. Bucket B includes growth capital — 40-50 percent towards growth capital ranging between Rs 60 lakh – Rs 2 crore investment per startup.
3. Bucket C includes pre-Series/Bridge round — 30-40 percent towards follow-on capital or joining pre-Series A investments ranging between Rs 2 crore – Rs 7 crore investment per startup.
“Today’s startups are tomorrow’s legendary companies and SucSEED Indovation Fund would focus on finding passionate and focused entrepreneurs and supporting them to find capital for building innovative tech solutions, solving problem for masses and scalling their businesses quickly,” said Dhiraj Kumar Sinha, Co-founder of SucSEED Indovation Fund.