Gurgaon-based iCubesWire Technologies Pvt. Ltd, which offers digital marketing solutions to companies, has launched a $3-million (Rs 19.2 crore) fund to support early-stage tech startups.
iCubesWire is primarily looking to invest in artificial intelligence- and progressive automation-driven companies. It plans to deploy the fund across four to six startups by the end of 2017-18, with an average ticket size of $500,000-$700,000.
“We are in the early stages of developing products ourselves, and have tasted some success. We are also sitting on some decent cash reserves, which we would like to invest in startups that match our thoughts in terms of the products being developed,†iCubesWire co-founder and CEO Sahil Chopra told VCCircle.
Earlier, Chopra had said that though digital marketing was in geometric progression, there were huge gaps that created significant opportunities.
The company is also considering to team up with other investors in backing suitable candidates, provided there is a synergy in vision and thought. It may also consider acquiring and acqui-hiring, should the right opportunities come by.
“We will consider these options at a much later stage, from the purview of the technology gain that a potential acquisition has to offer,†said Chopra, adding that if the maiden investment fund does well, he may consider replenishing or continuing with it.
Founded in 2010, iCubesWire works with over 400 brands across e-commerce, automobile, technology, financial, travel and hospitality sectors. It helps deliver tailor-made digital concepts to the brands they work with.
According to the company, its clients include Procter & Gamble, Amazon, Flipkart, Axis Bank, ICICI Bank, Standard Chartered, Kotak Group, HDFC Bank, Ford, Honda, Skoda, American Express, Tata Group, Domino's Pizza, McDonald's, GoAir, Qatar Airways, Etihad and AirAsia.
Chopra refused to divulge financial information about the company.
iCubesWire joins a number of funds and accelerator programmes for early-stage startups in India that have come up in recent times.
Earlier this month, SoftBank Group founder Masayoshi Son’s younger brother Taizo Son had launched an agri-food tech accelerator in India in partnership with Gurgaon-based GSF Accelerator and Indo-Japan business consultancy Infobridge.
In June, Mumbai-based technology startup accelerator Zone Startups India had launched an early-stage venture capital fund to back software startups with a focus on mobile and enterprise tech.
