New Delhi: Sanjay Mehta, an entrepreneur-turned-angel investor, has floated a venture capital firm ‘100X.VC’ to invest in early-stage startups in India across sectors, he revealed in a blogpost.
The firm, which is registered as a Category 1 Alternative Investment Fund (AIF) with the Securities & Exchange Board of India (SEBI), has received regulatory nod to begin operations. However, it did not disclose the target corpus but said that it seeks to invest Rs 25 lakh to 1 crore across 100 startups within a year.
The Category I funds comprise social venture funds, small and medium-sized enterprise (SME) funds, infrastructure funds, VC funds and angel funds.
In his blogpost, Mehta said, the firm 100X.VC uses India Simple Agreement for Future Equity (iSAFE), which is an alternative to a convertible security note, to invest in startups. It is expected to ease the process of investing in startups by doing away with tedious documentation processes.
100X.VC is a sector agnostic and will focus on startups having disruptive business models, high growth and scale, according to the blogpost. The firm aims to be the first institutional investor in a portfolio company, it added.