Early-stage venture capital firm Veda VC on Monday said it has made the first close of its Rs 250 crore (around $30 million) fund led by family offices and startup CXOs.
Veda VC has raised Rs 150 crore (around $18 million) with the first close of its maiden fund and plans to invests in segments across software-as-a-service, fintech, deeptech and consumer internet.
The Sebi registered Category 1 AIF, which was set up by ex-entrepreneurs Vasant Rao, Ashis Nayak, Avijeet Alagathi, and Venus Dhuria, is looking to invest between $250,000 and 1.25 million in homegrown startups.
It primarily backs early-stage startups from seed to pre-Series A stages.
Since 2020, Veda has invested in 46 startups. More than half of its portfolio startups have raised subsequent capital from marquee investors like Peak XV, Accel, Kalaari, Mayfair, 3one4 Capital and more, the VC firm said in a statement.
Vidyut Tech, Dukaan, Even Health, Elo Elo, Awiros, Wishlink, Phyllo, Plow, Rezo.AI One Impression, Agnikul, Rigi and GrowthSchool are some of the companies in which Veda has invested so far.
"In 2019, we began as a community of founders aiming to assist other founders at the angel stage. Veda has become one of the most active seed investors, investing approximately $10 million annually across various startups. We remain committed to this mission as we scale up," said Rao.
Besides capital, the team at Veda helps its portfolio startups with domain knowledge, ecosystem network, and execution skills to help them reach product market fit, scale faster and raise follow-on capital.