Mumbai-based venture capital fund IvyCap Ventures has launched an Angel Fund, looking to target a corpus of ₹60 crores. The fund will be used to increase investments in early-stage startups, focusing on seed and pre-series A rounds.
A part of the fund will also be used to collaborate with global accelerators, in order to help the startups to accelerate.
IvyCap Ventures expects the fund to be raised in the next two-three months.
Majority of the fund is expected to be raised from high net-worth individuals, consisting of alumni from Indian Institute of Technology and Indian Institute of Management, holding high-level positions, in organisations.
Vikram Gupta, founder and managing partner, IvyCap Ventures, said, “The fund will be invested in about 30-40 companies in the technology sector. Health tech, consumer tech and agricultural tech will be the focus areas. Artificial intelligence, augmented reality/virtual reality, and hardware, including infrared cameras, are some of the specific areas that we are evaluating.”
The angel fund will enable IvyCap ventures to take on riskier investments, which could not have been made through its regular fund.
IvyCap Ventures was founded by Vikram Gupta in 2011. The firm primarily invests in early to growth stage startups founded or managed by professional entrepreneurs from premier institutes. It invests across domains like consumer, healthcare, enterprise tech, fintech, emerging tech, and agritech.
The firm has $120 million in Assets Under Management (AUM) across three funds. The latest angel fund will be its fourth fund.
IvyCap Ventures launched its maiden venture capital fund of ₹240 crores in 2012, its second fund of ₹550 crores in 2015.
Last month, it also received approval from market regulator Securities and Exchange Board of India (SEBI) for a venture debt fund with a target size of ₹500 crore.
IvyCap Ventures has a vast portfolio, some of its notable investments include online rental platform GrabOnRent, online jewellery startup BlueStone, online fashion startup Purplle, and online lingerie brand Clovia, among others.