NE BUSINESS BUREAU
MUMBAI, APRIL 9
100X.VC announced its plan to invest Rs 125 crores (over US $16.5M) in 100 early stage startups in the next 12 months. It will be the fastest deployment of first cheque capital by any VC in India for early stage start-ups, says a release.
100X plans to invest Rs 1.25 crore (US $165k) for 15% future equity ownership in each startup using iSAFE Notes.
On this announcement, Ninad Karpe, Partner, 100X.VC mentioned, “We are delighted to take the next big leap in our commitment to become the finishing school for early stage founders and fund 100 moonshot ideas within the next 12 months. Beyond capital, 100X provides invaluable mentoring and advice to build exponential business models. There has never been a better time to invest in Indian startups and 100X will continue in its endeavour to provide credible deal flow for investors.”
Through its rigorous screening process, 100X.VC has invested in 80 startups after evaluating over 20,000 applications. Moreover, 100X.VC-funded startups have been able to raise over Rs 450 crore (US $60M) from various investors including growth VC funds, family offices, angel investors and corporate venture arms. In this new model, startup applications will be reviewed, accepted and invested on a rolling basis with no deadlines. Investments will be completed through iSAFE Notes within two weeks of startup applications being accepted.
