100X.VC, a venture capital, is looking to pump-in more than INR 200 crore in startups in India by the end of 2020, cited ET.
As per the sources, the company 100X.VC has rolled out corporate venture capital (CVC) program for India to partner local corporations who have corpus to invest in startups.
“100X.VC team research survey estimates that the top 100 corporations in India have kept aside anywhere between Rs 10-100 crore of capital to invest in startups. We expect around 30-40 corporates to join us in CVC program and contribute upward of Rs 200 crore for investment in startups,” said Sanjay Mehta, founder at 100X.VC.
100X.VC was founded by Sanjay Mehta in 2019. It claims to be the first VC to invest in early stage startups using India SAFE Notes.
As per its LinkedIn page, after investing in a startup, 100X.VC effectively becomes their coach, strategy consultant, investment banker, business mentor and trusted advisor.
100X.VC also claims to be India’s first venture capital firm to invest in early stage startups using India SAFE Notes (iSafe). Under iSafe, an investor makes a cash investment in return for a convertible instrument.
“We plan to invest in 15-30 startups every quarter,” Mehta added.