Singapore-based early-stage investment firm ThinKuvate Tuesday said the firm has launched its maiden India-focused angel fund.
ThinKuvate India Fund – I is a SEBI-registered category-I alternative investment fund (AIF), it said.
The fund has a target corpus of Rs 100 crore ($12 million), with a greenshoe option of Rs 50 crore and it aims to deploy up to Rs 3 crore in each target across seed to Series A funding rounds.
The firm targets to invest in 12-15 startups in a year through the fund, it said.
“Over the last 7 years, we have built a portfolio of over 22 companies in India and Southeast Asia (SEA). Our understanding of both the markets puts us in a position of facilitating international LPs' interest in India.,” said Ritesh Toshniwal, partner, ThinKuvate.
The fund whelmed by Nagpur University alumni Toshniwal Ghanshyam Ahuja and Vikas Saxena targets to reach its first close by the end of the first quarter of FY25.
“From our existing portfolio, we have already invested in Indian startups and the performance of these companies coupled with macros of the Indian economy, growing investors' interest played a role in ThinKuvate launching an exclusive India fund,” said Toshniwal.
In terms of the fund’s investment thesis, it is a sector-agnostic and aims to invest in startups that have a patented product, are revenue-generating and have built early traction and market acceptance.
ThinKuvate is an early-stage startup investment firm incorporated in Singapore and with investment interests in Singapore, India, the UK, the Middle East, Australia and the US. Till date, the firm has deployed $5 million across 22 startups across various sectors, including healthtech, fintech, Internet of Things (IoT), consumer tech and marketing technology.
In 2022, the firm co-led the pre-Series A funding round of healthtech startup QubeHealth along with US-based venture capital firm New Horizon Ventures and existing investor Keiretsu Forum.
The funding round also saw participation from Axiomatic Ventures, Inflection Point Ventures and other angel investors from India and the US.