Realizing the significance of startup ecosystem in and around Rajasthan, Jaipur-based VC firm, Rajasthan Venture Capital Fund (RVCF), plans to set aside 10% of New fundraise i.e $7.6 Mn (INR 50 Cr) corpus to invest in early stage startups.
The VC firm plans to invest an average of $76K (INR 50 lakh) each in about 100 startups over a span of three to four years.
For this new investment in startups, Rajasthan Venture Capital Fund (RVCF) has also initiated fundraise with a corpus of $76 Mn (INR 500 Cr).
With the new fundraise, Rajasthan Venture Capital Fund (RVCF) plans to invest in almost 30 to 35 new startups every year.
Related Article: Funding Galore: Indian Startup Funding Of The Week [13-18 May]
Girish Gupta, founder & CEO of the RVCF said, “We are looking for opportunities in disruptive technology sector, which would include mobile technology, crowdsourcing, niche ideas in ecommerce, asset light healthcare, agri-food processing, etc. We will allocate $7.6 Mn (INR 50 Cr) for this and each investment will have size of $76000 (INR 50 lakh).”
Rajasthan Venture Capital Fund (RVCF) was launched by Girish Gupta in 2002 and is governed by SEBI’s Alternative Investment Fund (AIF) Regulations.
The VC firm has been investing in startups and mid-stage companies through its two SEBI registered domestic venture capital funds viz RVCF Fund I and SME Tech Fund–RVCF Trust II with a combined corpus of $25 Mn (INR 166 Cr). Besides, RVCF has also helped setting up a startup accelerator ‘Startup Oasis’ in collaboration with CIIE, Ahmedabad.
RVCF firm has invested in startups like NexTenders, HomeStore, Liqvid elearning, TechAxes, Mosambee.
Cities like Bangalore, Delhi and Mumbai have seen millions of funding in their kitty. However, the capital is not much available to other parts of the country. For past few months, Jaipur has witnessed some big deals with online payment company, RazorPay, that grabbed funds from Flipkart’s chief product officer Punit Soni and edutech startup, CultureAlley, that secured $5 Mn from Tiger global and others.
Welcome to Flash Feed, your essential source for breaking news and innovation from around the web – bite-sized and updated all day.