Jaipur-based micro venture capital firm Warmup Ventures Tuesday said it has launched its second investment vehicle, Warmup Fund II, with a target corpus of Rs 300 crore ($35.3 million).
The fund, which will primarily invest in seed and pre-seed stage companies, has a sector-agnostic approach but will prioritise investments in areas such as deep-tech, climate, and sustainability. It will invest Rs 5-7 crore in 25 to 30 early-stage startups across sectors with a provision for follow-on rounds.
Warmup Ventures was founded by IIT Delhi alumnus Sharad Bansal, IIIT Jabalpur alumnus Rajendra Lora, and Jaipur Rugs owner Yogesh Chaudhary. Over the past 5-6 years, the trio has backed over 100 startups through their combined angel investments.
The fund will primarily raise capital from family offices. It is also backed by experienced late-stage founders and second-generation entrepreneurs. The fund creates a platform that connects legacy businesses with future-forward startups, Warmup Ventures said in a release.
Founded in mid-2023 as a syndicate fund, Warmup Ventures has already invested in more than 15 startups, including bubble tea chain Bobabhai, consumer-focussed SaaS startup Nitro Commerce, li-ion battery recycling startup MiniMines, payment collection app RocketPay, and agritech solutions provider for small and mid-size farmers Balwaan Krishi.
“Having experienced the founder's journey ourselves, we deeply understand the importance of the right capital in driving a venture’s success”, said Bansal, managing partner, Warmup Ventures.