Thao Lam La · · 2 min readIndian VC firm Weave Capital announces new $75m fund
Weave Capital, a newly launched Indian VC firm, is looking to raise US$75 million for its new venture fund. The multi-stage fund includes a greenshoe option worth US$25 million.
Weave Capital told Tech in Asia that it is aiming for a first close of US$20 million within three to six months after it gets approval from the Securities and Exchange Board of India (SEBI).
Weave Capital managing partner Karan Gupta (left) and general partner Sujay Prakash / Photo credit: Weave Capital
The firm said it has filed for a category II Alternative Investment Fund registration with SEBI.
Weave Capital will target startups that are within the seed and series B stages. Although labeled as sector-agnostic, the investment vehicle will have a preference for tech-enabled projects.
The firm added that it will commit US$1 million to US$5 million for each of the future rounds that its portfolio startups will raise. It plans to build a portfolio of 15 to 20 companies.
Weave Capital was launched by Karan Gupta, who serves as its managing partner, and Sujay Prakash, its general partner. Gupta has held several leadership positions at various financial institutions such as the Indo-German Chamber of Commerce, BDO India, and Lodha Ventures. Meanwhile, Prakash is the founder and CEO of Econote, a digital notebook startup.
In a statement, Prakash said that the VC ecosystem is a very different place today compared to a decade ago and that investors need to look beyond standard measures like internal rate of return and exit.
“We are certainly different from the standard VCs. We are willing to take up opportunities which solve real problems and are demonstrating its need in the startup ecosystem,” he added.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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