Mumbai-based venture debt firm VentureSoul Partners has achieved the first close of its maiden Rs 600 crore fund, hitting nearly half the fund size following its launch in the second quarter this year.
The The SEBI-registered Category II AIF has so far received commitments from a mix of family offices, corporates, HNIs, professionals, and other leading angel investors.
Micro Labs is the anchor investor in the fund along with other corporate investors such as Rupa Group, Glen Appliances, and PSN Group. It also saw participation from startup founders like E Madhusudan of KreditBee and Omkar Shirhatti of Perfios.
The fund aims to make debt investments in companies that are generally at Series A or beyond stage, with a demonstrated business and revenue model, fintech, B2C, B2B, and SaaS companies, said the company in a statement.
VentureSoul Partners will primarily provide growth capital to the startups. The founders said they would be expanding their operations following this fund raise.
VentureSoul Partners Founders (L-R): Ashish Gala, Anurag Tripathi, and Kunal Wadhwa
Founded this year by former bankers Anurag Tripathi, Ashish Gala, and Kunal Wadhwa, the firm intends to have differentiated debt proposition for new-age economy companies, with the founders leveraging their banking experience.
A report by Stride Ventures said venture debt investments into Indian startups saw a 50% increase in 2023 to touch $1.2 billion. The report noted that 2023 saw around 175-190 deals, reflecting a compounded annual growth rate of about 34% from 2017 to 2023.
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