India's SphitiCap targets $500m for debut VC fund

The firm claims significant traction in terms of soft commitments, with VCCircle reporting that a first close of USD 125m-USD 150m is expected before year-end. Initial investments will be revealed as early as next week, according to a social media post by co-founder and managing partner Pallav Kumar Singh, which linked to the VCCircle report.

Singh’s experience includes independent VC and start-up consulting, government communications roles, and executive positions in the industrial sector. His co-founder Mayank Mehra is the founder of angel network Ultiwise Ventures and its incubation business Corpzo. In addition, Mehra established financial services start-up PayVeda and makes investments via a vehicle called D-eurasia Fund.

The core team also features Sahana Goel, an entrepreneur and former EY analyst, as well as Prateek Vohra, an advisor at Ultiwise and Corpzo. The advisory board is comprised of senior figures in corporate, banking, and start-up advisory spheres, including Arvind Jadhav, former chairman and managing director of Air India.

Sphitigram’s name is a combination of “sphiti” and “gram,” Sanskrit terms for growth and prosperity that denote a community-minded approach. The firm plans to invest in some 100 start-ups, prioritising impact, sustainability and technology democratisation in tier-two and tier-three cities.

Investing in India’s underserved and lower-income mass market, increasingly referred to as Bharat, has become a strong theme in the local venture industry, despite significant challenges.

Much of the necessary digital infrastructure, including mobile penetration, is in place. But cultural and logistical hurdles, as well as stubbornly low discretionary spending capacity, have checked the penetration of new-economy models.

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• Topics
• South Asia
• Fundraising
• Venture
• GPs
• Technology
• India
• seed
• Impact investment
• SphitiCap