9Unicorns makes first close of Rs 100 cr for its new fund for start-ups
India’s
9Unicorns Accelerator Fund (9Unicorns) announced its first close of Rs 100
crore ($14 million). The fund will invest in over 100 early stage start-ups,
with the goal of writing the first external cheque.
9Unicorns
is targeting a total corpus of Rs 300 crore ($42 million), with the rest of
corpus to be targeted from multiple sources including corporations, family
offices and institutions from across the ten countries and beyond that have
already participated in the first close.
The
fund intends to offer US$100,000 for 5-7% equity per start-up. They would go
through 3 months of its acceleration programme while being mentored by
successful founders. Performing start-ups would then be eligible for a
follow-on round of US$500,000 to $2 million funded by a syndicate of VCats
Network and global VC funds. The fund is sector agnostic and geared towards
Indian startups.
9Unicorns
is founded by the Venture Catalysts (VCats) founding team including Apoorva
Ranjan Sharma, Anuj Golecha, Anil Jain and Gaurav Jain.
The
fund already backs over 75 home-grown start-ups in India including BharatPe,
Beardo, PeeSafe and Fynd in which VCats was a seed-stage investor among others.
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