The new fund, with an preliminary funding of Rs 100 crore and remaining corpus of Rs 200 crore, has obtained approval from the Securities and Exchange Board of India (Sebi). The agency is aiming for a remaining shut over the subsequent three to 4 months.
“In addition to our five exits, there are a handful of companies that are doing very well and have progressed beyond the early stage from our portfolio — Agnikul, ePlane, CynLr (Cybernetics Laboratory) and GalaxEye Space… We are not going to find new deals in Series A, B or C. The goal is to invest in the follow-on rounds in the best companies coming out of our first fund,” Arjun Rao, normal associate, Speciale Invest, informed ET in an interplay.
Investment plans for the brand new fund
Speciale Invest Growth Fund I’ll make investments $1 million to $2 million, Rao mentioned, including that the brand new fund would make about 1-2 investments in 2023 after which one each few months from 2024.
The new fund will present sequence A and above funding to know-how startups in its portfolio. Its focus areas of investments embody spacetech, aerospace, inexperienced hydrogen, robotics, batteries, quantum tech, synthetic intelligence-led software-as-a-service, developer instruments, knowledge infrastructure, and Large Language Model (LLM) purposes or infrastructure.
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The Bengaluru-based enterprise capital agency was based in 2017 by Vishesh Rajaram and Arjun Rao. “Deep science and enterprise technologies have the power to revolutionise industries and solve some of the world’s most pressing problems,” mentioned Rajaram, managing associate, Speciale Invest. “Our newly launched Growth Fund I is a testament to our commitment to investing in high-potential technology startups, and we look forward to working closely with founders building for the world from India.” First fund
In 2018, Speciale Invest had raised its first fund of Rs 60 crore. The fund backed 18 corporations, with a mean deal measurement of below $500,000, and scored 5 early exits.
In April 2022, it introduced the ultimate shut of its second fund, at Rs 300 crore, with plans to spend money on over 20-22 early-stage corporations by pre-seed and seed rounds. It has to this point accomplished 10 offers from this fund. The common cheque measurement ranged from $500,000 to $1 million.
Late final month, the erstwhile seed stage-only agency had appointed Vishnu Rajeev as Investment Principal. Rajeev beforehand served as Investment Principal at Avaana Capital, and as mobility and local weather lead at Micelio and Axilor Ventures.
Source: economictimes.indiatimes.com