Ex-100X.VC Partners Float New VC Firm 247VC, Launch INR 250 Cr Maiden Fund

Former 100X.VC partners Shashank Randev and Yagnesh Sanghrajka have together launched VC firm 247VC and unveiled its first fund with a target corpus of INR 250 Cr ($30 Mn).

The fund, a SEBI-registered Category II AIF, has a primary corpus of INR 200 Cr and INR 50 Cr greenshoe option.

247VC said in a statement that it will invest in high-potential founders across sectors, with a focus on four major themes – consumption, deeptech, enterprise tech, and industry 5.0.

The fund will be largely available for seed-stage startups, with follow-on capital for future rounds. 247VC plans to invest in 30 startups over the next three years.

The VC firm’s founder and managing partner Sanghrajka told Inc42 that while 50-55% of the fund will be used for writing first cheques, the remaining amount will be kept for follow-on rounds.

The average ticket size would be INR 3 Cr to INR 4 Cr for the initial investments.

“India is entering its most exciting startup decade. With this fund, we’re doubling down on our mission to back ambitious founders at the seed stage – those who are obsessed with solving hard problems and building for scale,” said Sanghrajka in the statement.

The early backers of 247VC include marquee names such as Sachin Tagra, managing partner at JSW Ventures; Vivek Mathur, ex-Partner at Elevation Capital; and Shailendra Majmundar, GenAI and machine learning (ML) expert at John Hopkins University.

It is pertinent to note that Sanghrajka and Randev stepped down from their positions at 100X.VC around November last year. The duo have a cumulative experience of over 50 years in operating, investing, and fundraising.

In their earlier ventures, the founders of 247VC invested in startups like Knight Fintech, abCoffee, EMO Energy, Zeron, Stupa Sports Analytics, Spare8, Vodex, 50Fin, Breathe ESG, and more.

The exits of Randev and Sanghrajka came amid a growing trend of partners of VCs stepping down from their positions to join new firms or start their own ventures

VC Funds Back In Action

As per Inc42’s ‘Indian Tech Startup Funding Report, Q1 2025’, 23 funds worth over $3.2 Bn were launched in the March quarter of the previous fiscal. Despite the total funding in the Indian startup ecosystem remaining flat on a quarter-on-quarter basis at $3.1 Bn in Q1, the new fund launches continued. 

From Accel and Eximius Ventures to venture debt fund Trifecta Capital and early-stage focussed Cornerstone Ventures, several of these VCs either announced their new funds or the close of their funds during the period. 

Despite deeptech being the hot topic in the country of late, only three out of the 23 funds had a deeptech focus. However, AI has been constantly gaining traction, particularly enterprise-grade AI.

Speaking on 247VC’s focus on backing tomorrow’s innovation, its founder and general partner, Randev, said, “We’ve spent the last decade backing founders, building with them, and learning from every cycle of scale. This fund is not just a next step, it’s a focused leap toward the kind of audacious innovation Bharat needs. We want to enable the next category-defining companies, especially where markets are still forming or yet to be discovered.”