India's StartupXSeed launches $4.5m venture fund
Indian seed-stage venture investment firm StartupXSeed has launched a VC fund, with an initial corpus of INR300 million ($4.5 million), to invest in Indian technology start-ups.
Aaruha Technology Fund will look for opportunities in sectors such as semiconductors, IT security and embedded devices. Investors include VC firm Aarin Capital, as well as high net worth individuals such as Exfinity Venture Partners Chairman V. Balakrishnan, who has also been named the chairman of StartupXSeed.
In addition to the initial corpus, StartupXSeed plans to raise INR1 billion in the next six months, managing director B.V. Naidu told VCCircle. The fund hopes to support 18-20 start-ups over the next 18 months with investments of up to INR15 million each.
Kaalbi Technologies, the Bangalore-based company that runs IT security service ShieldSquare, received the first investment from the new fund. The size of the commitment was not disclosed. This is ShieldSquare's second investment, having previously raised a seed round of $350,000 from a group of angel investors.
More on South Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.