VC firm that backed Indian unicorn ShareChat raises $64m for its fourth fund

Early-stage venture capital fund India Quotient announced that it has raised US$64 million as part of its fourth fund, hitting 80% of its fundraising target.

The India Quotient team/ Photo credit: India Quotient

Investors including family offices and institutional investors from India participated in the financing round.

Gagan Goyal, former CEO of education tech firm ThinkLabs, has also joined India Quotient as a general partner. He has invested in nearly 20 startups, with five exits to date.

India Quotient’s funding ticket size ranges from about US$250,000 to US$1.25 million. It invests in startups focused on areas such as financial technology, direct-to-consumer offerings, software as a service, and social networking, among others.

“A small fund allows us to focus on concept-stage investments and also allows us to aim for high fund multiples,” said Anand Lunia, founding partner at India Quotient.

Previously, the VC firm has backed firms including social networking app ShareChat, which hit unicorn status at a valuation of US$2.1 billion. It has also invested in Sugar Cosmetics, Lendingkart, and PagarBook, along with 80 early-stage startups over the last eight years.

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In November 2019, India Quotient announced the final close of its third fund at US$60 million from backers including RB Investments and Flipkart co-founder Binny Bansal.