SucSEED Indovation Ventures brings INR 100 crore Angel Fund, to invest in Tech Innovation for Mass-needs, with external support from IIIT Hyderabad
BENGALURU, HYDERABAD and MUMBAI, India, Aug. 31, 2020 /PRNewswire/ — SucSEED Indovation Fund received licence as Angel Fund in the Category 1 AIF from market regulator SEBI. The INR 100Cr fund is sponsored by a group of active investors-mentors to nurture tech innovation and back early stage Tech start-ups engaged in solving problems of masses, using emerging deep-tech innovations.
SucSEED Indovation Fund has grown out of SucSEED Angels Network and IIITH Tech Ventures, an early stage tech seed initiative with IIIT Hyderabad Foundation. It is sponsored by serial angel investors, mentors, industry leaders and people closely associated with the start-up ecosystem for a long time. The Fund sees a team of proven leaders in tech & entrepreneurship, venture capital investment, risk management, funds and transaction management, joining together for the sole purpose of bringing tech innovation to the market.
Fund will work towards strengthening angel investment landscape by bringing institutional investors, family offices, HNIs and upper middle class retail investors to actively participate in start-ups’ growth while at the same time also provide start-ups with a comprehensive umbrella network for all their requirements.
Vikrant Varshney, Co-founder & Managing Partner of Fund said, “The fund will work very closely with technology incubators like CIE-IIITH, T-Hub and many more. Primary focus of the fund will be on Tech Innovations in EdTech, FinTech, Health-tech, Enterprise SAAS & B2B, Security & RegTech, Digital Economy & Smart City sectors. The Fund will help portfolio companies strengthen their product offering, go-to-market strategy, and build high levels of governance and transparency so that they progress to become category leaders. We will drive investments in seed to pre-series A stages and initially invest in about 20 start-ups on an annual basis before rapidly increasing the scale of our operations and impact.”
Dhiraj Kumar Sinha, Co-founder of the Fund said, “Today’s start-ups are tomorrow’s legendary companies and SucSEED Indovation Fund would focus on finding passionate and focused entrepreneurs and supporting them to find capital for building innovative tech solutions, solving problem for masses and scalling their businesses quickly.”
J. A. Chowdary, Co-founder of the Fund said, “We will focus on the early-stage Tech ecosystem and support the ‘Atmanirbhar’ and ‘Digital Economy’ initiatives & solutions meeting needs of B2C customers as well as initives of Corporates & Governments.”
The fund will focus on Indian start-ups and help the Indian growth story. Previous extensive experience of working with Angel community has provided the insights that will help in discovery of good start-ups and develop the best ways of guiding portfolio companies towards their goals using mentoring prorgrams. The experience and expertise of the Fund founders will immensely benefit the entreprenuers who struggle at early stages of their enterprise. The fund is expected to play a significant role in building an ecosystem for the deep-tech start-ups.
About Sucseeed Indovation Fund
SucSEED Indovation Fund has grown out of SucSEED Angel Network and IIITH Tech Ventures, an early-stage tech seed initiative by IIIT Hyderabad Foundation. Its sponsored by serial angel investors, mentors, industry leaders and are closely associated with the start-up ecosystem for a long time. The team of proven leaders in Tech & Entrepreneurship, venture capital investment, risk management and funds and transaction management, joined together for the sole purpose of bringing tech innovation to the market.
While SucSEED Angel Network was already supporting early-stage investments, but investing through Fund will bring in funds through a single entity in the cap-table of start-ups and additional focus on Sectorial research, professional handling and enhanced investor reporting. Being SEBI registered also ensures that investments done by Fund would meet governance and compliance standards for the investors.
Partners and Team members of the Fund have 100+ years of cumulative experience within technology, fund management and startup ecosystem and have already invested in 40+ companies.
- Vikrant Varshney – Managing Partner – Indovation Fund; Co-founder, SucSEED Venture Partners & IIITH Tech Ventures, HSBC & Fidelity Alum
- J A Chowdary – Ex IT advisor & Spl Chief Secretary, Govt of AP, Founding Director of STPI Bangalore, Hyderabad & Chennai
- Dhiraj Kumar Sinha – Co-founder, SucSEED Venture Partners; M&A and Transaction Lawyer
- Lax Chepuri – Co-founder, Focalcxm and Founder and CEO of Texhnogen
- Ramesh Loganathan – Extensive R&D leadership (Pramati, Progress, Informix)
- V V S N Raju – Board member at India Innovation Fund, Co-founder, IIITH Tech Ventures
- Vineeta Gupta – VP- Investments, Indovation Fund, Ex Everstone Capital (PE), Edelweiss, JP Morgan (IB), ICICI Ventures (PE)
Theme of the Fund – Indian Innovation for mass needs in following sectors – EdTech, FinTech, Health-tech, Enterprise SAAS & B2B, Security & RegTech, Digital Economy & Smart City.
The Fund will invest in three Buckets
- Bucket A – Seed Fund – 15-20% of Investible Amount – towards Early / Seed Stage ranging between Rs 25 lacs – Rs 50 lacs investment per start-up.
- Bucket B – Growth Capital – 40-50% – towards Growth Capital ranging between Rs 60 Lacs – Rs 2crore investment per start-up,
- Bucket C – Pre-Series/ Bridge Round – 30-40% – towards Follow-on Capital or joining Pre-Series A investments ranging between Rs. 2 Crore -7 Crore investment per start-up
About SucSEED Angels Network
SucSEED Venture Partners, founded in 2016, runs SucSEED Angels Network, one of the fastest growing Angel Networks, with a combination of more than 130 CXO level Corporate Professionals, Technology Angels, Business Leaders and Serial Entrepreneurs, who have come together to fuel the growth of Indian Start-up System at early stage, with provision of growth capital, organizing access to market and Business mentoring. SucSEED’s Investment Strategy is primarily targeted at Growth stage in post revenue startups involved in “Innovation for Masses” or Use cases with real problem statements using emerging Technology.
SucSEED has been investing in diverse domains as listed below, but also open to support wider innovation and businesses. SucSEED Ventures facilitates raising seed funding through Angel investments and provide support towards Venture Capital to such entities and teams.
- EdTech: lifecycle from K-12, STEM to College and beyond such as OckyPocky, Xplorabox, Tinkerly and LetzConnect
- FinTech & Card Analytics : With two rounds of funding in i2iFunding and other firms such as Paymatrix, Insense, Stockal, they have penetration in Payments, Card Analytics, Wealth Management, P2P and Lending space
- Enterprise SAAS, Gig Economy & HR Tech: Tapchief, which is rated as Top 3rd Startup by Linkedin & Kenyt
- RealtyTech & City Solutions: With MML, Kenyt and Paymatrix, they have a good coverage in RealtyTech Solutions
- Supply Chain, HoReCa Procurement Platform, & X-border Commerce Platform: Eunimart Vdezi, Aducrup
- Publishing & Media Tech: Leadstart Pencil
- Sports & Health Hygiene: Sportido & Sanfe
- Automobile, Logistics & IOT: Sepal
- Fashion Platform: 6Degree
SucSEED Angel network comprises of professionals and entrepreneurs who extensively mentor the investee start-ups. The investors are senior industry leaders with extensive experiences, domain knowledge and peer networks, assist in creating a structure to support start-ups and further enhance the ecosystems. Start-ups will get to leverage the expertise of individual investors who are part of initiative and share their expertise in Sales & Marketing, Finance, Systems and Technology, Risk, Legal & Compliance, Human Resources & training.
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