Toch.ai, a software-as-a-service platform, on Thursday launched a Rs 100 crore (around $13.5 million) startup fund to invest in video and audio tech startups globally.
The fund will provide advisory and networking opportunities along with capital infusion to startups, said Toch.ai in a statement. The fund is the brainchild of the three founders Vinayak Shrivastav, Saket Dandotia, and Alok Patil of Toch.ai, it added.
Shrivastav, co-founder and CEO, Toch.ai, said that the fund will focus on the video-tech industry because it has seen "record-breaking growth" in the last few years.
"With proper support and encouragement for the talent and innovation in the country, we want to be the vehicle of growth and expansion of the video tech industry in India & globally," he added.
The statement said that the investments in the startups will be done over a period of time.
Toch.ai uses artificial intelligence to process video content including live sporting events, television shows, and library-based content. Its clients include broadcasters, over-the-top (OTT) platforms, media platforms, and creators.
This is a rare instance of a relatively young startup floating a fund to invest in other early-stage companies. Toch.ai, which was founded in 2016, raised its Series A funding round from Moneta Ventures, Baring Private Equity India and others just last month.
On the other hand, matured startups such as Dream Sports, which owns fantasy sports platform Dream11, and Lenskart, online eyewear retailer, also launched their own version of their startup funds this year.
While Dream Sports made an initial allocation of $250 million for its corporate venture capital and acquisitions arm, Dream Capital, to invest in sports, gaming and fitness-tech startups, Lenskart floated its Vision Fund of $20 million to invest in ancillary businesses. Besides, both Dream Sports and Lenskart have raised multiple stages of funding and both have achieved unicorn status. Unicorns are startups that are valued at over $1 billion.