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CapFort Ventures, an India-based micro VC firm, is raising 2 billion rupees (US$24.3 million) for its locally focused tech fund. Its first close is expected to take place by the end of the year.
The fund, which the company said is the first in India to focus on pre-series A startups, will mainly target those in cleantech, deeptech, healthtech, logistics, and B2B tech, among other sectors.
CapFort Ventures looks to invest in around 40 companies with valuations below US$12.2 million each over the next two years. Check sizes will range from US$243,000 to US$729,000.
CapFort Ventures was founded this year by Abhimanyu Bisht, the former CEO of Venture Catalysts, and Kavit Sutariya, the founder of Hiraco Ventures.
Bisht and Sutariya have previously invested in over 200 startups combined, including Ketto, Inc42, FarEye, Pidge, Zingbus, TrueMed, Adonmo, and Basic Home Loan.
India has seen a recent rise in new funds, which include Venturi Partners, which closed US$175 million in an oversubscribed fundraise and Arkam Ventures’ US$106 million raise.
Smaller ones like those of Eximius, which raised US$10 million, and Physis Capital, with a US$7 million first close of its fund, are also sprouting out.
See also: VC funds tracker: Vertex bags $900m in first close of new fund
Currency converted from Indian rupee to US dollar: US$1 = 82.29 rupees.
Editing by Dhania Putri Sarahtika
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