VC firm Inflexor Ventures on Thursday announced that it has marked the final close of its second fund at over Rs 600 crore, surpassing its initial domestic target corpus of Rs 500 crore.
Inflexor Technology Fund was launched in early 2020 and had marked its first close at Rs 230 crore in August 2020.
Investors in the fund include SBICap Ventures, SIDBI (from Fund of Funds for Startups), Survam (Sumankant Munjal Family Office), and some of India’s top marquee family offices and UHNIs, including founders of many successful technology companies.
The sector-agnostic technology fund aims to invest primarily in B2B/enterprise startups leveraging deeptech, technology IP, and innovation to solve real-life problems with domestic and global market potential.
The fund will participate in pre-Series A to Series B rounds with initial cheques ranging from Rs 5-20 crore plus follow-on rounds based on portfolio company performance and funding stage.
The fund intends to invest in around 25 startups over the next three to four years.
Inflexor has so far invested in four startups from its fund – Steradian Semiconductors, that develops AI based surveillance systems for autonomous vehicles; PlayShifu, that makes AR based edutech toys; Vitra.ai, an AI-ML based content translation platform and Kale Logistics, an AI and blockchain enabled logistics tech company.
The fund is also working on two to three other late-stage deals, which it hopes to announce in the near future. The focus sectors for the fund include fintech, healthtech, consumertech, agritech, and others along with futuristic sectors like spacetech.
Venkat Vallabhaneni and Jatin Desai, Managing Partners, said,
“While the pandemic posed serious challenges globally, it has also acted as a catalyst for technology-based automation and digitisation efforts around the globe, and we hope to invest in startups that will benefit from this trend that was under way even before the onset of the pandemic.”
This is the second fund launched by Venkat and Jatin. Their first fund, Parampara, was launched in 2015 and invested in 12 startups including PlayShifu; energy efficient smart appliances manufacturer Atomberg; AI-based human emotion recognition platform Entropik; satellite propulsion systems manufacturer Bellatrix; and cybersecurity company Cloudsek.