The VC firm has rolled out a corporate venture capital (CVC) programme for India to partner with local corporations that have corpus to invest in startups.
“The 100X.VC team research survey estimates that the top 100 corporations in India have kept aside anywhere between Rs 10 crore-100 crore of capital to invest in startups. We expect around 30-40 corporates to join us in the CVC programme and contribute upward of Rs 200 crore for investment in startups,” 100X.VC Founder Sanjay Mehta told PTI.
100X.VC is India’s first venture capital firm to invest in early-stage startups using India SAFE Notes (iSafe). Under iSafe, an investor makes a cash investment in return for a convertible instrument. The alternative to a convertible security note is customised for India, and will avoid tedious documentation, cut timelines significantly, and benefit startups.
“We plan to invest in 15-30 startups every quarter,” Mehta said.
100X.VC has plans to invest in 100 startups in a year.
Reliance Industries’ JioGenNext, YourNest, Nexus Ventures Partners, JSW Ventures etc are some of the venture capital firms that have partnered with 100X.VC.
“Indian corporations woke up after Walmart acquisition of Flipkart. It shook them to start looking at startups seriously. Our role is of a catalyst by helping corporations discover, invest, and build startups allied to their industry and strategic fitment. We initially plan to work with 10-12 company boards to actively create a bespoke deal flow for their investments,” 100X.VC partner Ninad Karpe said.
Based in Mumbai, 100X.VC had received earlier this year the final regulatory approvals for Category 1 – Alternate Investment Fund Licence and Investment Advisor Licence from the Securities and Exchange Board of India (SEBI) to commence operations.