ThinKuvate India Fund – I, a SEBI-approved AIF CAT 1 Fund, aims to invest in tech startups across various sectors, providing initial funding of up to INR 3 crore per startup. The fund plans to invest in 12-15 startups annually. The fund launch will also be promoted through investor roadshows in key cities like Nagpur, Raipur, Bangalore, and Chennai. These roadshows will target emerging startup hubs alongside established centers.
ThinKuvate received SEBI approval to launch this AIF CAT 1 Fund in India. With nearly 200 investors, the fund anticipates reaching its first close this quarter. Founders Ghanshyam Ahuja, Ritesh Toshniwal, and Vikas Saxena, all Nagpur University alumni, have expanded their core team by appointing Mayank Jain as the CEO of the fund.
“Over the last 7 years, we have built a strong portfolio of over 22 companies in India and SEA. Our understanding of both the markets puts us in a unique position to facilitate international LPs’ growing interest in India,” said Ritesh Toshniwal, founding partner of ThinKuvate.
Strategic Investment Approach
The fund takes a hands-on approach, mentoring and guiding founders through their growth journey. ThinKuvate has completed two successful exits, including one portfolio company’s listing on the Australian Stock Exchange. Approximately 40 percent of their portfolio companies have secured follow-on rounds.
“From our existing portfolio, we have already invested in Indian startups, and the performance of these companies coupled with macros of the Indian economy, growing investors’ interest played a crucial role in ThinKuvate launching an exclusive India fund,” said Ritesh Toshniwal.
ThinKuvate’s investment thesis and criteria align with global VC standards, aiding Indian startups in building strong business moats. The fund boasts a robust track record of curating high-quality deals for investors. Leveraging its extensive network, ThinKuvate conducts thorough background checks and an elaborate due diligence process.
Global Reach and Future Investments
ThinKuvate plans to invest around $1.5 million across nine startups in Southeast Asia and India, focusing on B2B and B2B2C startups in health tech, fintech, IoT, AI-ML, consumer tech, and martech sectors. The firm actively participates in Seed, Angel, and Pre-Series A rounds.
Addison Appu, Partner, ThinKuvate, says, “We are already evaluating several startups and are in the advanced stages of discussions with them. Our fund has been investing in India since 2016. It has firsthand experience in the large market and the growth potential India has to offer to the world.”
“The surge in digital adoption, conducive policy environment, has led to the emergence of products and technologies from India with a “glocal” approach, blending global perspectives with local relevance. Drawing from our experience in mentoring and advising startups, we recognize the potential to extend the India playbook to Southeast Asia,” added Appu.
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