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ThinKuvate Angel Fund Obtains SEBI Approval, Targets Rs 100 Cr For Indian Tech Startups

Updated: May 21, 2024 04:35:30pm

ThinKuvate Angel Fund Obtains SEBI Approval, Targets Rs 100 Cr For Indian Tech Startups

New Delhi, May 21 (KNN) The Singapore-based angel investment network ThinKuvate has secured approval from the Securities and Exchange Board of India (SEBI) to launch its inaugural India-focused venture capital fund. 

The fund aims to raise a corpus of INR 100 crore (approximately USD 13 million) to invest in early-stage technology startups from seed to pre-Series A funding rounds across various sectors.

ThinKuvate will commence fundraising efforts through a series of investor roadshows in cities like Nagpur, Raipur, Bengaluru, and Chennai. The fund expects to achieve its first close within the current quarter.

Established in 2015 by a group of friends with a pooled corpus of USD 1.5 million, ThinKuvate has been actively investing in startups in India and Southeast Asia over the past seven years. The angel network has grown to encompass over 150 mid-to-senior non-resident Indian professionals, whose expertise and connections are expected to benefit the fund's portfolio companies through mentorship, technological guidance, market exploration, business development, and more.

"Even though we [NRIs] have been living away from India for extended periods, we still maintain a strong connection and understanding of the market, fostering a natural affinity for our network to invest in the Indian market," stated ThinKuvate founding partner Ritesh Toshniwal.

The fund aims to attract local high-net-worth individuals and family offices as limited partners, targeting a 60:40 ratio of overseas and domestic capital contributions. 

ThinKuvate's current portfolio comprises 22 startups, with 40 per cent having raised Series B funding rounds and one preparing for an IPO on Australian exchanges. Sixteen of these startups are Indian, including notable names like CureSkin, Vidyacool, and Cube Wealth.

The fund has already realised a partial exit from CureSkin and plans to make investments of up to Rs 3 crore in 12 to 15 startups annually.

ThinKuvate's investment thesis focuses on B2B2C startups that leverage technology to solve real-world problems and have the potential for rapid scaling across India and Southeast Asia. 

While sector-agnostic, the fund anticipates high-potential opportunities in sectors such as healthcare technology, education technology, and consumer technology.

Before investing, the fund conducts comprehensive due diligence over one to two weeks, evaluating factors like consistent month-on-month revenue growth, strong financials, unit economics, and founding team composition.

Toshniwal believes the current climate presents an opportune time for the fund's launch, citing the increasing presence of repeat founders, a robust support ecosystem, and heightened technology adoption among enterprises and consumers, which has unlocked a myriad of entrepreneurial opportunities.

(KNN Bureau)


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