New Delhi, May 20 -- Early-stage investment firm 247VC, which was recently floated by the co-founders of 100X.VC, Yagnesh Sanghrajka and Shashank Randev, has rolled out its maiden fund.
247VC has set a target corpus of Rs 200 crore for its maiden fund. Along with a green-shoe option of Rs 50 crore, the fund can raise as much as Rs 250 crore (around $30 million), the firm said Tuesday.
The announcement comes after VCCircle exclusively reported the launch of 247VC last month.
247VC said it has roped in some marquee early backers, including Sachin Tagra, managing partner at JSW Ventures; Vivek Mathur, former partner at Elevation Capital; and Shailendra Majmundar of John Hopkins University.
The fund will back high-potential founders across sectors, writing the first institutional cheque with follow-on capital in future rounds.
247VC plans to invest in 30 seed-stage startups in the next three years. While being sector agnostic, the VC firm aims to focus on four major themes in this fund - consumption, deeptech, enterprise technology and industry 5.0.
"India is entering its most exciting startup decade. With this fund, we're doubling down on our mission to back ambitious founders at the seed stage - those who are obsessed with solving hard problems and building for scale," said Sanghrajka, founder and managing partner, 247VC.
Founders Sanghrajka and Randev have a total experience of more than 50 years as early-stage investors and have made over 200 investments. They have invested in startups like Knight Fintech, EMO Energy, abCoffee, Zeron, Vodex, Stupa Sports Analytics, Spare8, 50Fin, Wrap2Earn, Breathe ESG, Roopya, Arthum, Bugbase, Hummsa Bio, ThinkMetal, Luzo, and Coolberg.
"We want to enable the next category-defining companies, especially where markets are still forming or yet to be discovered," said Randev, founder and general partner, 247VC.
Published by HT Digital Content Services with permission from VC Circle.