Early-stage venture capital firm plans to invest in 20 exceptional founders building “game-changing” brands over the next 18 months, providing up to $500,000 in funding for each portfolio company.
The company aims to focus on founders who dare to challenge norms that gross margins have to be like in the West and that the role of venture capital is to merely fund marketing, said First Cheque in a statement
Bengaluru-based First Cheque was founded in 2018 as an entity under the umbrella of India Quotient. It represents India Quotient’s strategic approach to capturing opportunities at the earliest stages of a startup’s journey.
“First Cheque aims to partner with founders who share our commitment to creating iconic brands that aim to be massive market leaders,” said Gagan Goyal, Partner at India Quotient.
“We are looking to back passionate founders, new category creators, those turning chaos into order, or those replacing everyday items or even building something the world hasn’t seen yet,” Goyal added.
“We have been investing in brands long before ‘D2C‘ was a buzzword, supporting trailblazers like Sugar, Giva, and Rapidbox who have gone on to create entirely new market categories,” said Kanika Agarrwal, Partner at India Quotient.
“Through First Cheque, we are now doubling down on our commitment to support the next generation of brand builders by focusing on the concept space. This is where we believe the most exciting, high-potential startups are emerging, and we are here to provide them with the capital, patience, and resources they need to scale,” added Agarrwal.
First Cheque has investments in more than 130 startups. Notable companies in its portfolio include Giva, Seekho, Rocketlane, DrinkPrime, Fleetx, Simplismart, and Rigi.
In September last year, the VC firm partially exited D2C (direct-to-consumer) jewellery brand Giva Jewellery with a return of 75X.
