Axilor Ventures, an Indian startup accelerator, has unveiled a new $100 million seed fund for startup technology firms.
The new investment vehicle, which is four times bigger than the previous round under its Axilor Technology Fund, will assist businesses in the corporate SaaS, B2B commerce, agritech, consumer tech, fintech, and healthtech sectors.
According to Axilor, the new fund will also have a greater follow-on reserve and a longer-term than the original one.
The inaugural Axilor Technology Fund, which was established in 2018, invested in 54 firms and experienced a follow-on rate of more than 75%. 21 of these firms have successfully completed series A or subsequent rounds.
“With our first fund, we have demonstrated our deep engagement model and a programmatic approach that predictably delivers better outcomes for startups,” said Ganapathy Venugopal, Axilor Ventures co-founder and CEO, adding that the team hopes to bring the same idea to the next fund.
Following a general fall in venture capital financing for Indian businesses in the second quarter of the year amid an anticipated economic slump, the statement was made.
