IvyCap Ventures, the Mumbai-based venture capital fund, has launched an angel fund targeting a corpus of INR 60 crores. The venture capital firm will use the fund to increase investments in early-stage startups with a focus on seed and pre-Series A round of fundings. IvyCap will also use a part of the fund to tie up with global accelerators and help the startups to accelerate at a higher rate.
The venture capital firm will raise the funds in the upcoming three months. Several alumni from Indian Institute of Technology and Indian Institute of Management with high net-worth will invest in the fund. The angel fund will enable the venture firm to invest in risky businesses which were earlier not possible with the regular funds.
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Vikram Gupta, founder and managing partner, IvyCap Ventures, said, “The fund will be invested in about 30-40 companies in the technology sector. Health tech, consumer tech and agricultural tech will be the focus areas. Artificial intelligence, augmented reality/virtual reality, and hardware, including infrared cameras, are some of the specific areas that we are evaluating.”
Founded by Vikram Gupta back in 2011, the firm currently invests in early to growth stage startups founded by alumni of premier institutes like IITs, IIMs and NITs. IvyCap focuses on sectors like consumer business, healthcare, enterprise technology, financial technology (fintech), emerging technologies and agritech (agriculture technologies) to be precise.
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IvyCap boasts to have around $120 million (INR 888 crores) in Assets Under Management portfolio across three different funds. With this latest fund, it will embark the journey to its fourth fund. The venture firm earlier launched its first fund of INR 240 crores back in 2012 while the second fund of INR 550 crores in 2015.
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IvyCap Ventures has a porfolio of some notable startups like online fashion startup Purplle, online jewellery startup BluwStone, online lingerie brand Clovia and online rental platform GrabOnRent. Last month, the firm received an approval from SEBI for a venture debt fund of INR 500 crores.