Incorporated in 2022, Finvolve is a joint venture between early-stage investor India Accelerator, and Gift City-based B2B wealth management firm Finolutions
Through the two funds, Finvolve plans to back 25-35 sector-agnostic startups with an average investment of INR 25 Lakh per startup
Finvolve is looking to launch three new funds later this year, with a total corpus of INR 500 Cr
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Micro venture capital (VC) fund Finvolve has successfully closed two maiden funds with commitments totalling INR 100 Cr (~ $12 Mn) from angel investors.
The two funds are SEBI-registered Category I – Alternative Investment Funds (AIF), each with a corpus of INR 50 Cr.
Incorporated in 2022, Finvolve is a joint venture between early-stage investor India Accelerator, and Gift City-based B2B wealth management firm Finolutions.
Through the two funds, Finvolve plans to back 25-35 sector-agnostic startups with an average investment of INR 25 Lakh per startup. Finvolve has already invested in startups such as Matter, Stage, Advance Mobility and Zulu Defence.
Going forward, it will back startups in dronetech, spacetech, clean energy and mobility, circular economy as well as social impact businesses, and startups leveraging ONDC.
Besides closing the two angel funds, Finvolve is looking to launch three new funds later this year, with a total corpus of INR 500 Cr. These three funds will have a differentiated investment strategy targeting accelerator-stage, seed-stage and growth-stage investments.
These three funds will raise capital from HNIs, family offices and other limited partners. Finvolve will invest approximately $150K (INR 1.24 Cr) via the upcoming accelerator fund, between $500K and $1 Mn at the seed stage, and $1 Mn-$3 Mn from the growth-stage fund.
“It is a significant shift for us to evolve into a multi-stage fund. The initiative will provide comprehensive support to startups from ideation to IPO, ensuring they have the resources and expertise needed to succeed in a competitive global market,” said Apoorva Vora, cofounder of Finvolve.
Early-stage investments have become the primary focus area for new funds, given the emergence of new categories of business, particularly in deeptech segments such as AI, semiconductor manufacturing, dronetech and spacetech.
In March, Navam Capital closed its maiden AIF, Navam Venture Fund I, at INR 50 Cr. In February, Equirus logged the first close of its maiden early stage fund at an undisclosed sum. Besides this, Saudi Aramco’s venture capital arm is also reportedly building a team in India and is looking to invest in early-stage from a total corpus of $200 Mn – $300 Mn.
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