Singapore-based angel investment network ThinKuvate has on Tuesday announced the launch of its first India focused Fund – ThinKuvate India Fund – I with a total corpus of Rs 100 crore ($12 million).

ThinKuvate said in a statement that the India Fund will look to invest in tech startups across sectors with an initial amount of upto Rs 3 crore ($360,000).

ThinKuvate said it aims to invest in 12 to 15 startups every year through this fund.

It noted the fund launch will also be announced through investor roadshows across cities in a phased manner.

In the first phase, ThinKuvate team will be rolling out the fund in key cities like Nagpur, Raipur, Bangalore and Chennai, with an aim to tap into emerging startup hubs in India along with established centers.

“Over the last 7 years, we have built a strong portfolio of over 22 companies in India and Southeast Asia (SEA),

“Our understanding of both the markets puts us in a unique position of facilitating international limited partners (LPs)’ growing interest in India,” said Ritesh Toshniwal, Founding Partner of ThinKuvate.

“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 crucial role in ThinKuvate launching an exclusive India fund,” he added.

It is noted that ThinKuvate has received the Sebi approval to launch this AIF CAT 1 Fund in India.

With an investor base of nearly 200, the fund expects to reach its first close within this quarter.

The fund is founded by Nagpur University alumni Ghanshyam Ahuja, Ritesh Toshniwal and Vikas Saxena.

The fund has also expanded its core team with Mayank Jain joining ThinKuvate as Chief Executive Officer of the fund.

ThinKuvate said it has earned a strong reputation driven by top quality deal sourcing, building a strong portfolio backed by stringent due diligence and compliances.

It said the fund works closely with its founders and goes beyond providing capital.

It said ThinKuvate founders mentor and guide the founders through their growth journey.

Notably, ThinKuvate has completed two exits thus far, with one portfolio company listing on the Australian Stock Exchange. Nearly 40% of their portfolio have secured follow-on rounds.

“We are confident that our track record and understanding of tech-enabled business models will add value to founders who will be raising funds from ThinKuvate,” added Ritesh.

The fund expects to start deploying capital from the next quarter.

“We are already evaluating several startups and are in advance stages of discussions with them. Our fund has been investing in India since 2016 and has a first hand experience of the large market and growth potential India has to offer to the World,” said Addison Appu, Partner, ThinKuvate.

“The surge in digital adoption, conducive policy environment, has led to emergence of products and technologies from India with a ‘glocal’ approach, blending global perspectives with local relevance,

“Drawing from our experience in mentoring and advising startups, we recognize the potential to extend the India playbook to Southeast Asia,” he added.

ThinKuvate said its investment thesis and criteria, which are at par with global venture capital standards, are expected to help Indian startups in building a more solid moat for their businesses.

It said the fund has built a strong track record for the top quality of deals that they are able to curate for their

It noted the fund leverages its network to run deep background checks in addition to an elaborate due diligence process.

It is noted that some of the broad shortlisting parameters include prefers to invest in startups that are revenue generating and have built early traction and market acceptance, as well as strong patented product start-ups.

Meanwhile, two or more founder startups are preferred for investments.

ThinKuvate is an early stage startup investment firm incorporated in Singapore, and with interests and investors in Singapore, India, United Kingdom, Middle East, Latin America (Latam), Australia and the United States.

Initially investing approximately $1.5 million across nine startups in Southeast Asia and India, ThinKuvate Ventures has since facilitated investments totaling $5 million across 22 startups in the region.

Utilizing both capital and mentorship, startups in the ThinKuvate Ventures portfolio have developed robust global go-to-market strategies.

The firm’s primary focus revolves around investing in business to business (B2B) and business to business to consumer (B2B2C) startups across various sectors, including health-tech, fintech, internet of things (IoT), artificial intelligence (AI)-machine learning (ML), consumer-tech, and martech.

ThinKuvate Ventures actively participates in seed, angel, and pre-series A rounds to support promising startups in their early stages of development.

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