Mumbai-headquartered 35North Ventures has finally received a nod from SEBI to launch a $20.8 Mn (INR 130 Cr) early stage fund. The early stage fund is designed to help early stage startups grow and expand.
The early stage fund is designed to help early stage startups grow and expand.
As per a recent report, the fund will look to back 8-10 early-stage startups in agritech, fintech, consumer tech, and healthtech segment.
Commenting on the development, Ashwani Singh, Managing Partner at 35North Ventures said, “We are looking at (investing at the) Pre-Series A and Series A stages. We will look for companies that are 1.5-2 years old with at least two-quarters of revenue history.”
He further added that the firm was targeting an internal rate of return (IRR) of 25%.
35North Ventures: Plans Ahead
Dubbed as the 35North India Growth Fund, the Category-1 Alternative Investment Fund (AIF) will include ticket sizes ranging between $500K to $3 Mn (INR 3 Cr to INR 20 Cr). Names of the investors remain undisclosed. However, it is reported that a few prominent family offices in India as well as global high net-worth individuals (HNIs) will be backing the fund.