Weave Capital, a recently established Indian venture capital firm, is seeking to raise $75 million in the US for its first venture fund. A $25 million greenshoe option is part of the multi-stage fund.
After receiving clearance from the Securities and Exchange Board of India, Weave Capital informed Tech in Asia that it hopes to complete a $20 million first close within three to six months (SEBI).
The company declared that it has registered with SEBI as a category II alternative investment fund.
Weave Capital will concentrate on seed- and series-stage businesses. Despite being described as sector-agnostic, the investment vehicle will favour tech-enabled enterprises.
According to the company, it will contribute between US $1 million and US $5 million for each additional round that the firms in its portfolio would raise. It intends to create a portfolio of fifteen to twenty businesses.
Sujay Prakash is the general partner of Weave Capital, which was founded by managing partner Karan Gupta. The Indo-German Chamber of Commerce, BDO India, and Lodha Ventures are just a few of the financial organizations where Gupta has held a number of executive roles. Prakash, meantime, is the creator and CEO of Econote, a firm for digital notebooks.
According to a statement by Prakash, the VC environment has changed significantly over the past ten years, and investors now must consider factors other than the internal rate of return and exit.
“We are certainly different from the standard VCs. We are willing to take up opportunities which solve real problems and are demonstrating its need in the startup ecosystem,” he added.