Rupicard, Spintly Backer Trillion Dollar Ventures Floats INR 50 Cr Second Fund

Early-stage focused venture capital firm Trillion Dollar Ventures (TDV), which counts TRADE X, Rupicard, Siftly, Spintly and Nector among its portfolio companies, has floated its second fund with a target corpus of NR 50 Cr ($5.9 Mn).

The fund, which targets pre-seed and seed stage startups, seeks to back firms with an average ticket size of INR 1-2 Cr. It will likely make 10-12 investments annually starting the third quarter of financial year 2024-25. 

The new fund will back startups with business models around platform plays, marketplaces, and exchange businesses across various consumer tech (B2C) categories. This would include spiritualitytech, fintech, gaming, creator economy, social and consumer upgrade. 

Launched in 2021 by Ujwal Sutaria, TDV Partners help startup founders in ideation, finding Product-Market fit (PMF), training and fundraising. 

“Our proven track record with the last fund has encouraged us to double the target corpus with the second fund and increase the average investment size too. With our first fund, we have provided an exit opportunity within 2 years of investing in the company and generated over 60% IRR. The Fund I MOIC is 3 within two and a half years. We are confident of continuing our track record with the new fund as well,” said Sutaria.

The Hyderabad based VC firm claims to have backed over 30 companies in the last three years and nearly half of them have raised subsequent funding rounds. TDV Partners has TRADE X, Rupicard, Siftly, Spintly and Nector among others in its portfolio. 

In 2021, the VC firm launched its first fund with a total of INR 25 Cr corpus. Inc42 has also learnt that they invested in consumer tech, ecommerce, gaming, consumer brands, fintech, creator economy from their first fund. 

It is pertinent to note that Indian startups cumulatively raised $5.3 Bn in the first half (H1) of 2024 as against $5.4 Bn raised in the first six months of 2023, as per Inc42 data. However, on a positive note, funding numbers surged 7% year-on-year (YoY) in the first half of 2024.

Fintech and enterprise tech sectors took the charge in taking the most share of funding during the period under review. 

Earlier in May, TDV backed Bengaluru-based jewellery marketplace Eternz in its $1.15 Mn funding round, which also saw participation from Kae Capital, Gemba Capital, IIMA Ventures and Venture lab.

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