SUMMARY
100X.VC had received over 1200 applications
The Sanjay Mehta-led fund invests in seed stage startups
The fund was launched in July 2019
Serial investor Sanjay Mehta-led 100X.VC will reveal the first batch of portfolio companies at the VC Pitch Day to be held on December 7, 2019 in Mumbai. The company plans to invest in over 100 seed-stage startups from the 1200 pitches it received since its launch in July 2019.
The pitch day will be the first time these startups are pitching public with over 150 investors attending the event. Each startup will get up to five minutes to introduce its company, product/service, target audience and other aspects of their business.
Ninad Karpe, Partner at 100X.VC said “We are excited to showcase these brilliant minds, building companies having potential of non linear growth. I believe every invited investor will get more than one funding option which matches their investment thesis.”
The event will be attended by General Partners at VC firms, corporate venture capital investors, family offices, government partners and accredited private investors.
iSafe Notes Made Investments Quicker
100X.VC has chosen India Safe notes or iSAFE notes (India Simple Agreement for Future Equity) as an alternative to a convertible note for investments. Through this investment instrument, an investor makes cash investments in return for a convertible instrument that allows an investor to buy shares in a future priced round.
The model shortens the investment process by evaluating companies for the next round easily and getting rid of the time consuming criterions like the need to state pre-money or post money valuation and long agreements. To comply with applicable Indian law, iSAFE note takes the legal form of compulsorily convertible preference shares (CCPS) which is convertible on occurrence of specified events.
About the 100X.VC Fund
The fund was founded by Mehta, who claims to have invested in over 130 startups across various verticals in his individual capacity. Besides Mehta and Karpe, the fund has got prominent names on board, which include Yagnesh Sanghrajka as CFO, Shashank Randev as founder VC and Vatsal Kanakiya as CTO.
100X.VC aims to invest in 100 startups every year, and help startups by providing expertise and resources that assist founders in crafting a scalable business model. The average ticket size of the fund is INR 25 Lakh and goes up to INR 1 Cr.
