VC fund Inflexor Tech marks first close at Rs 230 crore

The early-stage VC fund has a target corpus of Rs 500 crore along with a green-shoe option of Rs 200 crore that it plans to raise over the next few months from domestic and international investors, a statement said. "Investors in the fund include SBICap Ventures, SIDBI (from Fund of Funds for Startups), and some of India's marquee family offices and HNIs (high net individuals)," Inflexor Technology Fund added.

Venture capital fund Inflexor Technology on Tuesday said it has raised Rs 230 crore from SBICap Ventures and others. The early-stage VC fund has a target corpus of Rs 500 crore along with a green-shoe option of Rs 200 crore that it plans to raise over the next few months from domestic and international investors, a statement said.

"Investors in the fund include SBICap Ventures, SIDBI (from Fund of Funds for Startups), and some of India's marquee family offices and HNIs (high net individuals)," Inflexor Technology Fund added. The fund, launched in early 2020, has seen significant interest from LPs (limited partnerships) with the entire corpus being raised amid COVID-19 pandemic, it said.

"Inflexor Technology Fund, a Sebi (Securities and Exchange Board of India) registered early-stage technology-focused VC fund has marked the first close at Rs 230 crore," it noted. First close usually refers to a certain threshold of money that has been raised after which the fund manager begins making investments, and new investors can still join in by committing capital.

"The sector-agnostic fund would make participative investments from pre-series A to series A+ stages in B2B/enterprise startups leveraging deep tech, technology IP and innovation that solve real-life problems, have achieved initial commercial traction preferably with a recurring revenue model and have domestic as well as global potential," the statement said. Some preferred sectors of focus include fintech, healthtech, consumertech, edutech, agritech as well as futuristic sectors like spacetech, it added.

The fund will write initial cheques from Rs 5-7 crore with follow-on funding of up to Rs 15-20 crore based on performance, growth and capital requirements of the startup. "We are seeing increased focus on digitisation and technology innovation globally and it's going to accelerate further particularly in India in the current environment.

"We want to identify the right technology startups at an early stage and help them scale up in India and sell to global markets and in the process hopefully make some decent returns for our investors," Jatin Desai, Managing Partner of the fund, said..

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