2nd September 2020: SucSEED Indovation Fundreceived licence as Angel Fund in the Category 1 AIF from market regulator SEBI. The INR 100Cr fund, sponsored by a group of active investors-mentors to nurture tech innovationand backearly stage Tech start-ups engagedin solving problems of masses, using emerging deep-tech innovations.
SucSEED Indovation Fund has grown out of SucSEED AngelsNetwork and IIITH Tech Ventures, an early stage tech seed initiative with IIIT Hyderabad Foundation. It is sponsored by serial angel investors, mentors, industry leaders and people closely associated with the startup ecosystem for a long time. The Fund sees a team of proven leaders in tech & entrepreneurship, venture capital investment, risk management, funds and transaction management, joining together for the sole purpose of bringing tech innovation to the market.
Fund will work towards strengthening angel investment landscape by bringing institutional investors, family offices, HNI sand upper middle class retail investors to actively participate in startups growth while at the same time also provide start-ups with a comprehensive umbrella network for all their requirements.
Vikrant Varshney, Co-founder & Managing Partner of Fund said, “The fund will work very closely with technology incubators like CIE-IIITH, T-Hub and many more. Primary focus of the fund will be on Tech Innovatiins in EdTech, FinTech, Health-tech, Enterprise SAAS & B2B, Security & RegTech, Digital Economy & Smart City sectors.The Fund will help portfolio companies strengthen their product offering, go-to-market strategy, and build high levels of governance and transparency so that they progress to become category leaders. We will drive investments in seed to pre-series A stages and initially invest in about 20 start-ups on an annual basis before rapidly increasing the scale of our operations and impact.
Dhiraj Kumar Sinha, Co-founder of the Fund said “Today’s startups are tomorrow’s legendary companies and SucSEED Indovation Fund would focus on finding passionate and focused entrepreneurs and supporting them to find capital for building innovative tech solutions, solving problem for massesand scalling their businesses quickly.
J. A. Chowdary, Co-founder of the Fund said “We will focus on the early-stage Tech ecosystem and support the ‘Atmanirbhar’ and ‘Digital Economy’ initiatives & solutions meeting needs of B2C sutomers as well as initives of Corporates & Governments.
The fund will focus on Indian startups and help the India growth story. Previous extensive experience of working with Angel community has provided the insights that will help in discovery of good startups and develop the best ways of guiding portfolio companies towards their goal susing mentoring programs. The experience and expertise of the Fund founders will immensely benefit the entrepreneurs who struggle at early stages of their enterprise. The fund is expected to play a significant role in building an ecosystem for the deep tech-startups.
Supplementary Information Boiler Plate -About Sucseeed IndovationFund
SucSEED Indovation Fund has grown out of SucSEED Angel Network and IIITH Tech Ventures, an early stage tech seed initiative by IIITHyderabadFoundation. Its sponsored by serial angel investors, mentors, industry leaders and are closely associated with the startup ecosystem for a long time. The team of proven leaders in Tech & Entrepreneurship, venture capital investment, risk management and funds and transaction management, joined together for the sole purpose of bringing tech innovation to the market.
While SucSEED Angel Network was already supporting early stage investments, but investing through Fund will bring in funds through a single entity in the cap-table of start-ups and additional focus on Sectorial research, professional handling and enhanced investor reporting. Being SEBI registered also ensures that investments done by Fund would meet governance and compliance standards for the investors.
Partners and Team members of the Fund have 100+ years of cumulative experience within technology, fund management and startup ecosystem and have already invested in 40+ companies
• Vikrant Varshney -Managing Partner -Indovation Fund; Co-founder, SucSEED Venture Partners & IIITH Tech Ventures, HSBC & Fidelity Alum
• Dhiraj Kumar Sinha -Co-founder, SucSEED Venture Partners; M&A and Transaction Lawyer
• J A Chowdary -Ex IT advisor & SplChief Secretary, Govt of AP, Founding Director of STPI Bangalore, Hyderabad&Chennai
• Lax Chepuri -Co-founder, Focalcxm and Founder and CEO of Texhnogen
• Ramesh Loganathan -Extensive R&D leadership (Pramati, Progress, Informix)
• V V S N Raju-Board member at India Innovation Fund, Co-founder, IIITH Tech Ventures Vineeta Gupta VP-Investments, Indovation Fund, ExEverstone Capital (PE), Edelweiss, JP Morgan (IB), ICICI Ventures (PE),
Theme of the Fund–Indian Innovation for mass needs in following sectors – EdTech, FinTech, Health-tech, Enterprise SAAS & B2B, Security & RegTech, Digital Economy & Smart City”.
The Fund will invest in three Buckets
1. Bucket A -Seed Fund -15-20% of Investible Amount –towards Early / Seed Stageranging between Rs 25 lacs -Rs 50 lacs investmentper startup.
2. Bucket B -Growth Capital -40-50% -towards Growth Capital ranging between Rs 60 Lacs -Rs 2crore investmentper startup.
3. Bucket C –Pre-Series/ Bridge Round -30-40% -towards Follow-on Capitalor joining Pre-Series A investmentsranging between Rs. 2Crore -7 Crore investment per startup.
