New Delhi, Deeptech-focused venture capital firm 8X Ventures on Wednesday announced the first close of its Rs 200 crore fund, along with a greenshoe option of an additional Rs 100 crore, and said it will raise the next phase in 18-20 Plans to finance early stage startups. three years.
The IIT-Madras-based firm said the fund has already received commitments of over Rs 60 crore, adding "a strong investor pipeline promises further contributions".
“Over the next three years, the fund plans to invest in 18-20 early-stage Indian deeptech startups, offering initial checks of Rs 2-5 crore each and up to Rs 20 crore each in 8-10 startups , "said a statement from the company.
Chirag Gupta, Managing Partner, 8X Ventures, said the companies emerging from Indian deeptech are poised to address fundamental global issues and generate substantial shareholder value.
He said, “The fund will focus on areas such as water sanitation and hygiene (WASH), Industry 4.0, advanced computing, biotech and B2B enterprise SaaS. We expect Indian startups in these areas to lead the world over the next few decades. "
The IIT-Madras-based firm said the fund has already received commitments of over Rs 60 crore, adding "a strong investor pipeline promises further contributions".
“Over the next three years, the fund plans to invest in 18-20 early-stage Indian deeptech startups, offering initial checks of Rs 2-5 crore each and up to Rs 20 crore each in 8-10 startups , "said a statement from the company.
Chirag Gupta, Managing Partner, 8X Ventures, said the companies emerging from Indian deeptech are poised to address fundamental global issues and generate substantial shareholder value.
He said, “The fund will focus on areas such as water sanitation and hygiene (WASH), Industry 4.0, advanced computing, biotech and B2B enterprise SaaS. We expect Indian startups in these areas to lead the world over the next few decades. "