Early-stage venture capital firm 8X Ventures has achieved the first close for its deep tech fund while GVFL also reached the first close of its new seed-stage fund.
8X Ventures hits first close of deep tech fund
Early-stage venture capital firm 8X Ventures has hit the first close of its deep tech fund at Rs 60 crore ($7.1 million), per an announcement. The fund is seeking to raise Rs 200 crore ($24 million) with a greenshoe option of Rs 100 crore.
The fund plans to invest in 18-20 deep tech startups over the next three years. It focuses on sectors such as water, sanitation, and hygiene (WASH), industry 4.0, advanced computing, biotech, and B2B enterprise SaaS.
“Indian deep tech offers a distinct opportunity. The companies emerging from this sector are poised to address fundamental global issues and generate substantial shareholder value. We foresee Indian startups in these sectors leading the world in the next few decades,” said 8X Ventures managing partner Chirag Gupta in a statement.
GVFL reaches first close of seed fund
Venture capital firm GVFL Wednesday announced that it has reached the first close of its new seed-stage fund, Prarambh Fund, at Rs 100 crore ($12 million). The fund is eyeing a corpus of Rs 200 crore in total.
GVFL aims to deploy the fund in 25-30 promising seed startups in the year, it said in a statement. The Prarambh Fund will focus on tech start-ups in B2B SaaS, healthtech, agritech, climate tech, and deeptech with investment in the range of Rs 1 crore to Rs 3 crore each.
GVFL (formerly Gujarat Venture Finance Limited) is an independent, board-managed venture finance company. So far, they have raised nine funds which have supported over 110 companies and have divested from over 75% of portfolio companies providing stellar returns to their investors.
