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Mumbai-based venture capital firm 100X.VC has invested $3.4 million in 22 startups that are part of its 9th cohort. This takes the fund’s total investments to 127 since the launch of the fund in July 2019.

The new set of portfolio companies were announced during the in-person VC Pitch Day, which was held in Mumbai today. The event was attended by over 400 investors, which included high networth individuals, family offices, venture capital funds, and corporations.

The venture capital firm has invested Rs 1.25 crore per startup, it said in a statement.

The fund operates on a class-based investment model and invests in startups across sectors before starting the class. In its 9th cohort this year, 100X.VC shortlisted 709 companies from an application pool of 4210 startups, before funding these 22 companies. The portfolio companies hail from 11 cities including Mumbai, Bangalore, Delhi, Pune, Ahmedabad, Noida, and Kolkata. It primarily invests in early-stage firms.

“We are excited to present our latest cohort of 22 startups in Class 09. With these investments, we have now funded 127 startups across various sectors. We believe that there are many disruptive businesses in India in the early stage startup ecosystem and the startups in Class 09 represent such opportunities,” said Ninad Karpe, Partner at 100X.VC.

The Mumbai-based firm started using India Simple Agreement for Future Equity (iSAFE) notes for investing in 2019, through which an investor makes cash investment in return for a convertible instrument. It is not a debt instrument but is a convertible security note.