Good morning!
Utsav Somani tells YourStory,
“The next decade belongs to Indian tech startup founders. I think the ecosystem is robust. There is quality talent. There is liquidity that is coming in now across IPOs and late-stage startups.”
Less than a year after the launch of iSeed I, the head of AngelList India is launching iSeed II, a $15-million micro-fund to support over 50 Indian tech startup founders with “smart, connected, knowledge capital,” with investments to be made over the next couple of years.
The fund will help early-stage entrepreneurs get access to Silicon Valley-based investors entrepreneurs, and venture capital fund managers.
(Graphics: Aditya Ranade)
Calling himself a ‘realistic optimist’, Utsav says iSeed II is on a mission to help companies stay ahead of the crowd by leveraging technology.
As India’s largest solo GP-micro fund, it is designed to offer founders the trust and confidence of its LPs in the form of capital as well as their commitment in the form of time dedicated for knowledge-sharing sessions with the startups.
“I want to bring the era of solo-capitalists and emerging fund managers or micro-VCs to India to better serve our Indian startup founders. The goal is to have the weight and heft of an institution like seed-stage VC firm First Round Capital at the earliest stages for Indian founders with the size of an angel cheque,” says Utsav.
Launched in May 2020, iSeed I has invested in over 35 founding teams of startups across various sectors, including healthcare, fintech, logistics, SaaS, ecommerce, hardware, and real estate.
The Interview
The pandemic is making the world rethink its dependency on Chinese manufacturing. Manish Sharma, President and CEO, Panasonic India and SA, says every stakeholder has to recognise their responsibility and the government is taking the lead with the Aatmanirbhar Bharat and Vocal for Local campaigns. He says it will only be possible with the access to technology and by utilising the current opportunities.
Editor’s Pick: App Friday
The rise of popularity of short videos and video reels on social media is matching the increase in video-making and editing apps. Enter VITA, an app that lets you edit vlogs, dance videos, photo movies, and so on. It is available on both Android and iOS, and has been downloaded more than 10 million times on Google Play Store alone. Read more.
Startup Spotlight
Ensuring last-mile delivery of immediate healthcare solutions
The pandemic has been a wake-up call to strengthen India’s emergency care ecosystem. Realising the need to cater to the emergency care segment, Dr Niraj Jha along with Santosh Singh launched Medicvisor Pvt Ltd, better known as Hanuman. It offers immediate healthcare solutions, including ambulance services, diagnostic services, and home healthcare. Read more.
Illustration: YS Design
News & Updates
- Flipkart has acquired Cleartrip, an online travel technology company, for an undisclosed value. Cleartrip will continue to operate as a separate brand and work closely with Flipkart to develop technology solutions in the travel segment.
Before you go, stay inspired with…
“The ecosystem has now come of age where we are finally on the map and people are taking India more seriously.”
— Utsav Somani, Head, AngelList India
Now get the Daily Capsule in your inbox. Subscribe to our newsletter today!
