India: Venture Catalysts launches $43.4m fund to support early-stage startups

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Start-up incubator and accelerator Venture Catalysts Thursday announced the launch of Rs 300-crore ($43.4 million) 9Unicorns Fund.

The newly launched fund will identify high-potential, early stage businesses across sectors, including electric vehicles, mobility, augmented reality VR, AI and ML, fintech, retail and FMCG, the firm said in a statement.

Out of the funds, the accelerator VC plans to invest in more than 100 companies every year, promising a standard deal of Rs60 lakh for 5 per cent equity, along with a further scope to invest Rs 3-5 crore more during subsequent funding rounds, it added.

“9Unicorns Fund will revive idea stage funding in India. Like in sports, timing is of great value in the business environment. With 9Unicorns Fund, we aim to do something similar. Identify budding businesses with terrific possibilities and ensure them every kind of assistance to ensure their success,” Apoorv Ranjan Sharma, cofounder and managing director, 9Unicorns, said.

9Unicorns Fund aims to be a one-stop mentoring, networking and growth facilitation platform for emerging businesses to grow to their full potential.

The funded startups will benefit from ready access to business angels and Venture Catalysts corporate community of 4500-plus members. They will also be able to access markets across 26 cities across the world, the company said.