Singapore-based angel investment network ThinKuvate launched a Rs 100-crore (about $12 million) fund on Tuesday, targeting technology startups in India. This fund is company’s first India-focused fund, ThinKuvate India Fund, would invest up to Rs 3 crore initially in companies while adopting a sector-agnostic strategy.

The fund is planned to be invested in 12-15 startups annually. Investor roadshows in many locations will gradually announce the debut of the ThinKuvate India Fund. The ThinKuvate team will launch the fund in major cities including Bangalore, Chennai, Nagpur, and Raipur during the initial phase. This approach aims to tap into both emerging startup hubs and established centers in India.

We have amassed a solid portfolio of more than 22 businesses in India and Southeast Asia (SEA) during the past seven years. Our knowledge of both markets puts us in a unique position to support foreign LPs’ increasing interest in India. ThinKuvate’s founding partner, Ritesh Toshniwal, stated, “The performance of our current Indian portfolio, along with the favourable macros of the Indian economy and growing investor interest, has played a crucial role in ThinKuvate launching an exclusive India fund.”

The Securities and Exchange Board of India (Sebi) has given the fund permission to introduce this AIF CAT 1 Fund in India.

Founder’s ThinKuvate

The fund, which has about 200 investors, hopes to close for the first time this quarter. Three alumnus of Nagpur University, Ghanshyam Ahuja, Ritesh Toshniwal, and Vikas Saxena, formed the fund. The core group has also grown with Mayank Jain joining ThinKuvate as the fund’s CEO. ThinKuvate takes pleasure in offering its portfolio companies more than simply financing.

The founders have a tight working relationship with companies, providing them with advice and support as they expand. Interestingly, two exits have been successfully accomplished by ThinKuvate, with one portfolio business listing on the Australian Stock Exchange.

Approximately 40% of their portfolio companies have secured follow-on rounds. “We are certain that the founders raising money from ThinKuvate will greatly benefit from our experience and knowledge of tech-enabled business models,” Ritesh Toshniwal continued. The fund anticipates making capital deployments starting in the upcoming quarter.

“We are already evaluating several startups and are in advanced stages of discussions with them,” said Addison Appu, a partner at ThinKuvate. Since our fund began making investments in India in 2016, we have direct knowledge of the vast market and tremendous development potential that India presents to the global community.

“The Glocal Strategy”

A “glocal” strategy, which combines global viewpoints with local relevance, is being used to goods and technology from India as a result of the country’s booming digital adoption and favorable governmental climate. With the help of our startup mentorship and advisory experience, we see how Southeast Asia might benefit from applying the India model.

It is anticipated that ThinKuvate’s investment criteria and thesis, which are in line with international venture capital norms, would assist Indian businesses in fortifying their commercial moats. The fund makes use of its wide network to carry out in-depth due diligence procedures and background investigations, guaranteeing investors high-quality projects.

With the ThinKuvate India Fund, the firm aims to bolster the Indian startup ecosystem by providing essential capital and strategic support to promising technology startups. The fund’s launch marks a significant milestone, reflecting ThinKuvate’s commitment to fostering innovation and growth in India’s dynamic startup landscape.

As ThinKuvate embarks on this exciting journey, it sets its sights on discovering and nurturing the next wave of tech innovators in India. By leveraging their robust experience and deep market insights, ThinKuvate is poised to make a lasting impact on the Indian startup ecosystem, creating opportunities for startups to thrive and scale on a global stage.

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