Venture capital firm Inflexor Ventures on Thursday announced that it has marked the final close of its technology fund at $81 million (Rs600 crore), surpassing its initial domestic target corpus of Rs500 crore.
The fund – Inflexor Technology Fund – was launched in early 2020 and had marked its first close at Rs230 crore in August last year.
Investors in the fund include SBICap Ventures, SIDBI (from fund of funds for Startups), Survam (Sumankant Munjal Family Office), marquee family offices and ultra-high networth individuals.
The sector-agnostic technology fund aims to invest primarily in B2B/enterprise startups leveraging deep tech, technology IP and innovation. The focus sectors for the fund include finTech, healthtech, consumertech, agritech and spacetech.
In a statement, the firm said that the fund will participate in pre-Series A to Series B rounds with initial cheques ranging from Rs5-20 crore plus follow-on rounds based on portfolio company performance and funding stage. It intends to invest in around 25 startups over the next 3-4 years.
“We started the fund raise during the first wave of COVID-19 last year and did the final close during the second wave. While the pandemic posed serious challenges globally, it has also acted as a catalyst for technology-based automation and digitisation efforts around the globe, and we hope to invest in startups that will benefit from this trend that was underway even before the onset of the pandemic,” according to managing partners Venkat Vallabhaneni and Jatin Desai.
Inflexor has so far invested in four startups from its technology fund – Steradian Semiconductors that develops AI-based surveillance systems for autonomous vehicles; PlayShifu that makes AR-based edtech toys; Vitra.ai, an AI-ML based content translation platform and Kale Logistics, an AI & blockchain-enabled logistics tech company.
The fund is also working on 2-3 other late-stage deals, which it hopes to announce in the near future.
This is the second fund launched by Vallabhaneni and Desai. Their first fund, Parampara, was launched in 2015 and invested in 12 startups including PlayShifu, Atomberg; AI-based human emotion recognition platform Entropik; satellite propulsion systems manufacturer Bellatrix; and cybersecurity company Cloudsek.