The Mumbai-based incubation platform, Venture Catalysts has created a fund with a collection of INR 300 crore to aid early-stage startup companies in increasing their business, according to a media report.
The 9Unicorns Fund aims to invest in more than 100 companies every year, Venture Catalysts said in a statement, as reported by the daily news, VC Circle.
According to the cited report, the fund will infuse INR 60 lakh to get 5 per cent stakeholdings in the startup company and further, may infuse an extra INR 3-5 crore in the following funding rounds by considering a firms ability to meet its growth objectives.
9Unicorns essentially plans to infuse money in high-potential startup companies across various sectors like augmented reality, AI (Artificial Intelligence), EV (electric vehicles), machine learning, consumer goods, and fintech.
The fund aims to revive idea-stage funding in India, Co-founder and MD at 9Unicorns, Apoorv Ranjan Sharma told the daily news.
They will also be able to access markets across 26 cities across the world as well as tier-II, III and IV cities in India to build a large customer base quickly, Sharma added.
Venture Catalysts was established by Apoorv Ranjan Sharma, Gaurav Jain, Anuj Golecha and Anil Jain. The firm commonly invests between $250,000-1,000,000 in early-stage startup companies.