Technology-focused venture capital firm Inflexor Ventures Wednesday said it has marked the first close to its opportunities fund, launched earlier this year, and aims to mark the final close by the end of the month.
The VC firm, which is targeting a corpus of Rs 350 crore for the Inflexor Opportunities Fund, marked the first close of the investment vehicle last month at about 80% of the target, receiving about Rs 280 crore in soft commitments from its limited partners (LP).
Inflexor had registered the Category I alternative investment vehicle with the market regulator SEBI in April 2024.
HDFC AMC Select AIF FoF I Scheme, managed by HDFC AMC, is the dominant LP in the fund. Other investors include HNIs, family offices, corporates, and other institutions. “The first close within 6 months, bolstered by a sizable investment from HDFC AMC, underscores strong investor confidence in the underlying portfolio,” said Pratip Mazumdar, Partner at Inflexor.
The VC firm will use a part of the freshly-raised corpus to acquire the entire portfolio that it invested as Parampara Capital, early-stage investment firm that was founded by Venkat Vallabhaneni and Jatin Desai in 2015 before they launched Inflexor Ventures in 2019 along with Pratip Mazumdar.
The latest portfolio sale of assets to Inflexor Opportunities fund will provide exits to all its existing Fund-I investors, including IDFC Limited, Sumankant Munjal Family Office and other investors.
“We are happy to announce this unique transaction wherein we have achieved a portfolio sale of assets of our first fund and generated liquidity for all our first fund LPs,” Mazumdar said.
The opportunities fund’s portfolio will include companies such as Atomberg, Playshifu, Entropik, Bellatrix, Cloudsek, Chakr Innovation, Singularity, Verloop and Terra. Inflexor intends to use the remaining corpus to make follow-on investments in these portfolio companies to maintain or increase its stake over the next 3-5 years.
Inflexor, which has over Rs 1,000 crore of assets under management, last raised Rs 600 crore for its maiden venture capital fund under the Inflexor banner in 2021, and backed 16 companies including startups such as BioPrime, Ayna, A5G Networks, Kale Logistics among others. Paramapara had invested in 12 companies.
Meanwhile, the firm is also in the process of raising its second VC fund under the Inflexor banner 'Inflexor Technology Discovery Fund', VCCircle had reported earlier. The fund is sector agnostic with a focus on investing in companies leveraging technology IP/innovation across sectors such as healthtech, fintech, consumer tech, cleantech, ed-tech, and agri-tech. It primarily invests in early-stage companies from seed to Series B stages. Its investments are in cybersecurity, artificial intelligence, augmented reality, and spacetech spaces.
It has also exited one of their second fund’s portfolio companies Steradian Semiconductors to a Tokyo-listed strategic Japanese company.
