Chiratae launches 48-hour seed fund approval for early-stage startups
Premium- The initiative will be rolled out in phases, with the first phase going live on Wednesday with Chiratae Sonic accepting applications for the next 30 days
Bengaluru: Venture capital (VC) firm Chiratae Ventures on Wednesday announced the launch of their new seed initiative Chiratae Sonic to accelerate and democratise the fund-raising process for founders.
Through the initiative, Chiratae claims to guarantee a 48 hour turnaround time on seed fund requests or pitches for investments of the quantum of $500,000.
The initiative aims to enable quicker access to capital for founders and help them prioritize innovation. The initiative will be rolled out in phases, with the first phase going live on Wednesday with Chiratae Sonic accepting applications for the next 30 days.
Chiratae Sonic is the eighth seed investment program rolled out by Chiratae in line with their efforts to empower and support early-stage ventures.
"As an entrepreneur-first VC, our focus has always been on prioritizing the success of our portfolio businesses. We are constantly on the lookout for ways to make our relationship more efficient and productive. One of the biggest challenges an early-stage entrepreneur faces is the tedious and time-consuming process behind raising capital. By solving and simplifying the ‘how’ of that conversation Chiratae Sonic strives to empower founders to focus on innovation above all," said Sudhir Sethi, founder and chairman, Chiratae Ventures.
Chiratae Sonic will entail standard investment terms for equity investments under the initiative.
Diligence for all investments under the initiative will be completed rapidly and remotely with trusted partners, the VC firm added.
With the launch of its new initiative, Chiratae will remain focused on sectors including consumer tech, enterprise tech, software-as-a-service, fintech, healthtech, deeptech, edtech, and agritech among others.
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Launched in 2006, Chiratae Ventures India Advisors (formerly IDG Ventures India) collectively has close to $900 management under management and 99 investee companies across consumer media and tech, cloud, software, healthtech, and fintech.
Being one of the first backers of Flipkart and Myntra, Chiratae has backed the likes of Cure.fit, FirstCry, Forus, Lenskart, among others.
It has also made a mega exit with the recent acquisition of PlaySimple by Swedish-firm Modern Times Group for $360 million.
At present, Chiratae Venture’s global advisory board includes - Ratan Tata, chairman emeritus of Tata Sons, Kris Gopalakrishnan, co-founder of Infosys;. Bruno E. Raschle, founder, managing director and non-executive vice chairman of Schroder, and Manish Choksi, non-executive vice chairman of Asian Paints, among others.
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