Singapore-based angel investment network, has launched its first India focused fund– ThinKuvate India Fund I–with a total corpus of Rs 100 crore.
The fund will look to invest in tech startups across sectors with an initial amount of up to Rs 3 crore, according to a statement. ThinKuvate aims to invest in 12 to 15 startups every year through this fund.
Founded by Nagpur University alumni Ghanshyam Ahuja, Ritesh Toshniwal and Vikas Saxena, ThinKuvate has received approval from the Securities and Exchange Board of India to launch the Category 1 alternative investment fund in India. With an investor base of nearly 200, the fund expects to reach its first close within this quarter.
The fund launch will be announced through investor roadshows across cities in a phased manner. In the first phase, ThinKuvate team will roll out the fund in key cities, including Nagpur, Raipur, Bengaluru and Chennai, with an aim to tap into emerging startup hubs in India along with established centres.
“Over the last seven years, we have built a strong portfolio of over 22 companies in India and SEA (Southeast Asia). Our understanding of both the markets puts us in a unique position of facilitating international LPs’ growing interest in India,” said Ritesh Toshniwal, Founding Partner, ThinKuvate.
“From our existing portfolio, we have already invested in Indian startups, and the performance of these companies coupled with macros of the Indian economy, growing investors’ interest played a crucial role in ThinKuvate launching an exclusive India fund,” he added.
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ThinKuvate has completed two exits so far, with one portfolio company listing on the Australian Stock Exchange. The investment network claims that nearly 40% of its portfolio have secured follow-on rounds.
The fund prefers to invest in startups that are revenue generating and have built early traction and market acceptance, as per the statement. It also prefers to invest in product startups with strong patents and startups with two or more founders.
“We are already evaluating several startups and are in advanced stages of discussions with them. Our fund has been investing in India since 2016 and has a first-hand experience of the large market and growth potential India has to offer to the world,” said Addison Appu, Partner, ThinKuvate.
“The surge in digital adoption, conducive policy environment, has led to emergence of products and technologies from India with a ‘glocal’ approach, blending global perspectives with local relevance. Drawing from our experience in mentoring and advising startups, we recognise the potential to extend the India playbook to Southeast Asia,” he added.
Edited by Swetha Kannan
