India: StartupXseed Ventures to get 20% of its $15m fund from Canbank’s EDF

B. V. Naidu, Managing Partner, StartupXseed Ventures LLP

Bengaluru-based seed-stage investor StartupXseed Ventures LLP has received an investment commitment amounting to 20 per cent of its targeted fund size from Canbank Venture Capital Funds Ltd.

StartupXSeed is in the process of raising its maiden fund with a target of Rs 100 crore, which it aims to achieve by the middle of next year, BV Naidu, Managing Partner, StartupXseed had told DEALSTREETASIA.

“The funding of Rs 20 crore from Canbank Ventures will happen in phases, as and when required,” said Naidu, adding the investment firm had so far raised over Rs 45 crore for its fund.

StartupXseed was founded in June 2015 by Naidu, former Infosys board member V Balakrishnan, former HCL chief delivery officer V Ramakrishnan, and entrepreneur Ravi Thakur. Its current portfolio includes ShieldSquare, Aarav Unmanned Systems, Airwood Aerostructures, Darwinbox and SiliConch Systems.

According to an official statement, StartupXseed Ventures is planning to invest in new and emerging technologies such as blockchain, cloud technologies and artificial intelligence as well as look into possible synergies of current and new investments in future.

In 2015, StartupXseed had launched the Aaruha Technology Fund that invests and provides the necessary support to technology startups in India with an initial corpus of Rs 30 crore. The size of the fund has been subsequently increased to Rs 55 crore with a greenshoe option of Rs 45 crore, taking the total targeted amount to Rs 100 crore.

Commenting on the investment from Canbank Ventures, Naidu said, “It will accelerate our investment plans to invest in the areas of Deep Technologies like Nano Electronics, AI/ML, Cyber Security, Semiconductor and IoT.”

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