Inflexor Ventures announced that it has marked the final close of its fund at over INR 600 crore, surpassing its initial domestic target corpus of INR 500 Crore. Inflexor Technology Fund (“the Fund”) was launched in early 2020 and had marked its first close at INR 230 Crore in August 2020.
Investors in the Fund include SBICap Ventures, SIDBI (from Fund of Funds for Startups), Survam (Sumankant Munjal Family Office), and some of India’s top marquee family offices and UHNIs, including founders of many successful technology companies.
The sector-agnostic technology fund aims to invest primarily in B2B / Enterprise startups leveraging deep tech, technology IP, and innovation to solve real-life problems that have domestic as well as global markets potential. The Fund will participate in Pre-Series A to Series B rounds with initial cheques ranging from INR 5-20 Crore plus follow-on rounds based on portfolio company performance and funding stage. The Fund intends to invest in around 25 startups over the next 3-4 years period.
Inflexor has so far invested in four startups from its fund – Steradian Semiconductors, which develops AI-based surveillance systems for autonomous vehicles; PlayShifu, which makes AR-based EduTech toys; Vitra.ai, an AI-ML based content translation platform, and Kale Logistics, an AI & blockchain-enabled logistics tech company.
The Fund is also working on 2-3 other late-stage deals, which it hopes to announce shortly. The focus sectors for the Fund include FinTech, HealthTech, ConsumerTech, AgriTech, and others along with futuristic sectors like SpaceTech.
Inflexor team comes with varied experience in serial entrepreneurship, global technology operations, and VC / PE fund management. Besides the capital, the Fund team adds value to portfolio companies by lending its experience for the growth, scalability, and global markets expansion of its startups.
Venkat Vallabhaneni and Jatin Desai, Managing Partners said “We started the fundraiser during the first wave of COVID-19 last year and did the final close during the second wave. Despite the tough conditions, we are happy that we exceeded our domestic fund corpus target. While the pandemic posed serious challenges globally, it has also acted as a catalyst for technology-based automation and digitization efforts around the globe, and we hope to invest in startups that will benefit from this trend that was underway even before the onset of the pandemic. We thank all our investors for joining the Fund as LPs and we hope to also leverage their expertise and reach to provide further value add to our portfolio companies.”
This is the second fund launched by Venkat and Jatin. Their first fund, Parampara, was launched in 2015 and invested in 12 startups including PlayShifu; energy-efficient smart appliances manufacturer, Atomberg; AI-based human emotion recognition platform, Entropik; satellite propulsion systems manufacturer, Bellatrix; and cybersecurity company, Cloudsek.