PremiumBENGALURU: Early-stage venture capital firm, Inflexor Ventures announced that it has made the final close of its second fund at over ₹600 crore, surpassing its initial domestic target corpus of ₹500 crore.
Inflexor Technology Fund was initially launched in early 2020 and had marked its first close at ₹230 crore in August 2020.
SBICap Ventures and Small Industries Development Bank of India (Sidbi) through fund for funds for startups, and Sumankant Munjal Family Office have invested in Inflexor’s Technology Fund, which also saw participation from other marquee family officers and startup founders.
With the final close, Inflexor plans to primarily invest in business-to-business (B2B) enterprise startups that are leveraging deep technology capabilities and solving problems for domestic as well as global markets.
It will focus on sectors of fintech, healthtech, consumer tech, agritech and also invest in futuristic sectors like space technology.
The fund is expected to participate in rounds starting Pre-Series A to Series B with initial cheques ranging from ₹5 crore to ₹20 crore in these startups. With the final close, Inflexor is also expected to make follow-on rounds in its portfolio, based on their performance.
“We started the fundraise during the first wave of covid-19 last year and did the final close during the second wave. Despite the tough conditions, we are happy that we exceeded our domestic fund corpus target. While the pandemic posed serious challenges globally, it has also acted as a catalyst for technology-based automation and digitization efforts around the globe, and we hope to invest in startups that will benefit from this trend," said Venkat Vallabhaneni, managing partner, Inflexor Ventures.
Through the technology fund, Inflexor now intends to back around 25 startups over the next three to four years. It is currently working on 2-3 late-stage deals.
Inflexor Technology Fund has so far invested in four startups from its fund including artificial intelligence-based surveillance systems maker, Steradian Semiconductors; edutech toys creator, PlayShifu; content translation platform, Vitra.ai and more recently in blockchain-enabled logistics company, Kale Logistics.
Before Inflexor, co-founders Vallabhaneni and Jatin Desai had launched their first fund, Parampara Capital in 2015, through which they backed 12 startups including smart appliances manufacturer, Atomberg Technologies; space technology startup, Bellatrix; cybersecurity startup, Cloudsek among others.
In March, the venture capital firm also announced the launch of a DeepTech Fellowship programme, in partnership with 100X.VC, to mentor and provide seed to series A funding to Indian startups.
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