Chiratae is looking for next round of early stage ventures – ETtech

Illustration: Rahul Awasthi

Chiratae Ventures, one of many high home-grown enterprise capital companies within the nation, has launched the newest version of its seed-stage initiative, Innovators Programme, because the technology-focused investor prepares to double down on its early-stage funding actions.

That is the seventh version of the Innovators Programme, which kicked off about 5 years in the past.

Chiratae, which counts corporations similar to Myntra, Curefit, FirstCry and Lenskart in its portfolio, has remodeled 50 early-stage investments until date, forking out $125 million.

“The main target is to take a look at corporations inside our core sectors – shopper expertise, healthcare and health-tech, fintech, enterprise software program and deep-tech,” Karan Mohla, government director and associate at Chiratae Ventures informed ET in an unique interview.

“Put up Covid-19, there are a whole lot of alternatives which were thrown up, alongside challenges as properly. A part of the issue we wish to clear up is, entry to capital. However for us it goes a little bit bit deeper and broader. We additionally wish to clear up the actual world challenges an entrepreneur faces,” Mohla added.

Learn: SeedToScale classes from US enterprise capital agency Accel

The Innovators Programme is a theme-based, five-week initiative that may kick off early November and proceed until mid-December. The programme will see Chiratae write cheques of between $500,000 and $Three million for the 10-20 startups which were accepted into the programme.

The Innovators Programme is likely one of the earliest seed-stage initiatives undertaken by a serious enterprise capital agency in India. Nevertheless, over the previous 2-Three years, virtually each considered one of India’s VC traders have launched their very own iteration of seed-stage incubation or acceleration programmes, together with Sequoia Capital, Orios Enterprise Companions, Kalaari Capital and WaterBridge Ventures, amongst others, as they give the impression of being to determine doubtlessly substantial bets at cheaper valuations and earn multi-bagger exits.

Chiratae’s focus is on backing very early-stage ventures throughout sectors, however that are underpinned by expertise and have a robust give attention to mental property, and serving to them scale, determine go-to-market methods, and rent key personnel, whereas additionally helping them in elevating additional capital.

It additionally provides the agency a possibility to discover newer rising shops, similar to deep-tech and agri-tech

Until date, Chiratae has invited in about 14 corporations via the Innovator Programme, together with training toys startup PlayShifu, robotics enterprise Emotix, software program firm Deepfence, which have all scaled and raised mid-to-growth-stage capital since Chiratae first invested. The concept is to determine and again corporations which have the potential to determine a world footprint, in response to Mohla.

“We’re the longest working programme within the nation proper now. It’s essential to notice that we don’t consider within the idea of ‘spray and pray’… Most of the corporations are market leaders as we speak of their respective segments. We’ve additionally already exited a few of them. Within the seed programme, the differentiation is, eventually depend, our corporations have filed 111 patents,” Sudhir Sethi, founder and chairman of Chiratae Ventures, mentioned.

Based on Sethi, all of Chiratae’s seed-stage corporations now command a cumulative valuation of over $1 billion.

This additionally comes at a time when the agency is elevating its newest fund – a $275 million fund – and is concentrating on to lift a minimum of 50% of the goal corpus from home traders and household workplaces and establishments. This is able to make it the most important rupee capital fund raised by a home-grown VC agency.

“We’ve really had extra within the pipeline by way of commitments, publish Covid-19. It mattered that we’re an Indian fund… we’re Indian capital, it additionally mattered that Jio raised such a lot of cash, as a result of traders who have been sitting on the fence thought this was an fascinating alternative, and that type of helped us,” Sethi mentioned.

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