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Weave Capital, a newly-formed venture capital firm and part of the SPVH Group, has announced the launch of a $75 million fund.

The sector-agnostic fund aims to invest in startups starting from the seed stage to Series B round. It expects to have a portfolio of around 15-20 startups with an average ticket size of $3-3.5 million.

The fund has filed category II AIF registration and is currently expecting approval from the Securities and Exchange Board of India. It will have a green shoe option of $25 million and is looking for the first close at $20 million soon.

Karan Gupta, Managing Partner, Weave Capital said, “Weave is the culmination of our insights and extensive know-how of the start-up ecosystem. Our team at Weave has led diverse and cross-sector transactions and growth advisory engagements both in India and overseas. Our intent now is to build inroads and ascend our position in the new shoes of Venture Investing.”

Karan claimed that the team at Weave Capital has expertise across areas such as corporate finance, strategy, entrepreneurship, operations and fund management. He had previously worked at Lodha Ventures and BDO India.

Sujay Prakash, General Partner, Weave Capital, said, “Our ability to leverage our cross functional business, strategic relationships and in-house experts shall play an important role in the success of our portfolio.”