The launch of the Equirus InnovateX Fund (EIF), a $25 million investment fund devoted to assisting seed-stage tech companies, has been announced by financial services company Equirus.
Equirus Capital, a full-service investment banking company founded in 2007 by Ajay Garg, provides middle-market businesses with wealth management, institutional equities, structured finance, and portfolio management services. It mainly serves the consumer, healthcare, real estate, infrastructure, financial services, and industrial sectors.
With a primary focus on business-to-business (B2B) models, the Mumbai-based company states that it will primarily concentrate on segments like software as a service (SaaS), deeptech, fintech, and other emerging sectors. Fifteen to twenty-five businesses with a track record of solid monetization strategies and sustainable business models will receive investments from the $500,000 to $1 million fund.
Equirus asserts that it has completed more than 240 transactions involving structure finance raising, M&A, PE, IPOs, QIPs, and rights issues. It also says that it has worked with over 153 clients and served over 100,000 customers.
The operating revenue of Equirus Capital increased by a small 3.6% to Rs 153.6 crore in FY23 from Rs 148.3 crore in FY22. According to the company’s consolidated financial statement filed with the Registrar of Companies, profits decreased by 37.8% from Rs 35.15 crore to Rs 21.86 crore in FY23.
