ThinKuvate Team / Photo credit: ThinKuvate
ThinKuvate, a Singapore-based angel investor group, has launched its first India-targeted fund, ThinKuvate India Fund I, with a corpus of 1 billion rupees (US$12 million).
The fund aims to back 12 to 15 early-stage startups every year across varied sectors, with a starting investment of up to US$360,000. It aims to start deploying capital in the third quarter of 2024.
In the first phase, the ThinKuvate team will scout for investments in cities like Nagpur, Raipur, Bangalore, and Chennai, aiming to tap into both emerging startup hubs and established centers in India.
ThinKuvate India Fund was founded by Ghanshyam Ahuja, Ritesh Toshniwal, and Vikas Saxena. It has also expanded its core team, with Mayank Jain joining as CEO of the fund. It has about 200 investors and expects its first close this quarter.
Over the last seven years, ThinKuvate has poured US$5 million into 22 startups in India and Southeast Asia, with about 40% of its portfolio companies receiving additional investment. It has also completed two exits.
See also: From bust to boom: Zomato turns the tide
Currency converted from Indian rupee to US dollar: US$1 = 83.35 rupees.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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