Venture capital and private equity firm Inflexor Ventures have marked the first close of their ‘Inflexor Technology Fund’ by raising Rs 230 crore. This is a sector-agnostic technology fund that was launched early this year.
With a target corpus of Rs 500 crore, which includes Rs 200 crore worth green-shoe option, Inflexor is aiming to raise the amount from domestic and international investors over the next few months. The first tranche received was backed by SBICap Ventures, SIDBI, family offices, and ultra-rich individuals.
The latest fund would be deployed in backing 6-8 early-stage startups at pre-Series A to Series A stage, especially working in segments such as health tech, fintech, consumer-tech, cleantech, edtech, agritech, and others. While it would infuse anywhere between Rs 5-7 crore cheque at the initial stage, Rs 15-20 crore investment would be provided to the portfolio companies in the follow-on rounds.
Mint had first reported the development.
With offices in Mumbai, Bengaluru, and Hyderabad, Inflexor Ventures was launched in February by the co-founders of Parampara Capital — Venkat Vallabhaneni and Jatin Desai.
Parampara Capital is an early-stage tech-focused VC firm with Rs 100 crore worth corpus. The VC fund is an early investor in a dozen of startups like Atomberg, PlayShifu, Entropik, Cliudsek, Scube, Verloop, among others.
Strong headwinds buffeting the Indian economy has not dampened the enthusiasm of VCs, especially the early-stage focused, as they continue to close and launch new funds believing in the promise that startups offer in such tough situations. AngelList India, BEENEXT, Lightspeed, Sequoia and Venture Catalysts’ 9Unicorn and a few others have closed their early-stage focused funds this year.
On Monday, StartupXseed Ventures also made the first close of its new investment vehicle at Rs 65 crore with a target corpus of around Rs 150 crore.