Mumbai-based IvyCap Ventures launches angel fund, targets Rs.60 crore corpus

Homegrown venture capital (VC) fund IvyCap Ventures announced that it has launched an angel fund targeting a corpus of Rs.60 crore. It plans to invest in tech companies from agritech, health tech, and consumer tech as well as in domains like AR/VR and hardware including infrared cameras. A quarter of it will also be deployed to partner with foreign startup accelerator to ramp up the firm globally.

Vikram Gupta, founder and managing partner, IvyCap Ventures, has confirmed capital infusion and asserted

The fund will be invested in about 30-40 companies in the technology sector. Health tech, consumer tech and agricultural tech will be the focus areas. Artificial intelligence, augmented reality/virtual reality, and hardware, including infrared cameras, are some of the specific areas that we are evaluating. Compared to our regular fund, this fund will feature riskier bets. Although venture investing is generally risky, our first and second funds have had less risky investments relative to the risk we are looking at for the angel fund.

Besides, IvyCap intends to wind up its first close of Rs.250-300 crore for the debt fund by February next year, and the Rs.200 crore to conclude by April or May. The average ticket size for these investments in non-portfolio companies for Series B round will be Rs 15-25 crore each.

India-Israel cross-border fund

Earlier in February this year, IvyCap was undergoing negotiations to launch Rs.640 crore cross-border fund between India and Israel. The fund will be a Category 2, Alternative Investment Fund (AIF) with a ticket size ranging between Rs. 3.67 to 51.4 crore.

IvyCap’s Anti-portfolio List

With more than 10,000 investment opportunities that Gupta witnessed during the last 10 years of his investing experience, he opened up about a list of those companies, which proved him wrong on his investment rejection decisions.

Firms in IvyCap’s anti-portfolio comprises of HCG Global, LensKart and PolicyBazaar. While for PolicyBazaar, the investment opportunity timing for Gupta was too early at a time where he couldn’t comprehend the business model. For the rejection of investment in case of the former HCG Global, Gupta expected a valuation of 25% lesser value than the company asked initially. Likewise, LensKart, the valuation was presumed to be 60% higher than what it should have been.

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