White Venture Capital (WVC), a venture capital firm started by Pine Labs chief Amrish Rau and neobank Jupiter founder Jitendra Gupta, on November 10 announced a new programme for executives and former startup founders who want to build a new venture.
“In our fund, we have launched an interesting concept to fund executives and senior startup folks who want to quit and build their startup. We will give (them) incubation support, $500K, our networks in fintech and market knowledge,” Rau told Moneycontrol.
The move comes at a time when the startup ecosystem in India has been rocked by layoffs as funds dry up, leaving more than 17,600 people without jobs.
According to White Venture Capital’s LinkedIn post, applications for the "Call to Adventure" programme were now open.
On its website, the VC firm said it was looking for "accomplished executives or ex-founders ready to leave their jobs", who have "an idea with a well-defined market and problem".
The firm said budding founders could book status calls, office hours and brainstorming sessions with the White Venture Capital team for mentorship.
The fund would also pay salaries to entrepreneurs while they build their ventures. “We will ensure you can comfortably take care of your bills while building your idea,” WVC’s website says.
In January, Rau and Gupta joined hand to start the venture capital fund, stepping up from angel investments.
As reported by Moneycontrol in October, the $40-million (about Rs 300 crore) White Ventures has Rau’s wife Sweta Rau as CEO, while the fintech duo serves as advisers and also make up 15 percent of the fund.
Other investors in the fund (limited partners) include TVF Capital, Credit Saison, Sequoia India, Hummingbird Ventures, 3one4 Capital, Beenext Ventures, and founders such as Beenext’s Teruhide Sato, CRED’s Kunal Shah, Ankur Warikoo, and Prajit Nanu.