India, Feb. 4 -- US-based VC firm Golden Sparrow Ventures, which primarily invests in the early-stage deeptech sector in India, has marked the first close of its $20 Mn (INR 180.8 Cr) Fund II.

The VC firm said in a statement that over half of the fund has already been committed, where more than 60% of its Fund I limited partners have participated in the ongoing fund.

With its second fund, the VC firm plans to invest in around 22 Indian startups at the pre-seed and seed stages, writing cheques of about $650,000 on average.

The fund will split its bets evenly, with 50% of the capital earmarked for deeptech startups and the rest for enterprise AI ventures. In addition, around 12% of the corpus has been set aside for follow-on investments ...