Singapore-Based ThinKuvate Launches Rs 100 Crore Fund to Invest in Indian Startups

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Singapore based angel investment network ThinKuvate launches Rs 100 crore maiden India fund
  • The fund will invest up to Rs 3 crore in startups ranging from seed to Series A stages.
  • It will focus on tech and tech-enabled startups across various sectors.
  • The aim is to invest in 12 to 15 startups annually.
  • ThinKuvate will roll out the fund through phase-wise investor roadshows in Nagpur, Raipur, Bangalore, and Chennai.

Mumbai, 21st May 2024 – Singapore-based angel investment network ThinKuvate has announced the launch of their first India-focused fund, ThinKuvate India Fund – I, with a total corpus of Rs 100 crore. The fund will invest in tech startups across various sectors, with initial investments of up to Rs 3 crore per startup. ThinKuvate aims to support 12 to 15 startups annually through this fund. The launch will be promoted through investor roadshows across multiple cities in phases. The first phase will target key cities such as Nagpur, Raipur, Bangalore, and Chennai, aiming to tap into both emerging startup hubs and established centers in India.

Ritesh Toshniwal, Founding Partner of ThinKuvate, stated, “Over the past seven years, we have built a robust portfolio of over 22 companies in India and Southeast Asia. Our understanding of these markets positions us uniquely to facilitate international LPs’ growing interest in India. Our successful investments in Indian startups and the favorable macroeconomic conditions were crucial factors in launching an exclusive India fund.”

ThinKuvate has received SEBI approval to launch this AIF Category 1 Fund in India. With an investor base of nearly 200, the fund anticipates reaching its first close within this quarter. The fund is founded by Nagpur University alumni Ghanshyam Ahuja, Ritesh Toshniwal, and Vikas Saxena, and has recently expanded its core team by appointing Mayank Jain as CEO.

ThinKuvate has built a strong reputation for top-quality deal sourcing, stringent due diligence, and compliance. The fund collaborates closely with its portfolio companies, providing mentorship and guidance beyond just capital investment.

Notably, ThinKuvate has completed two exits so far, with one portfolio company listed on the Australian Stock Exchange. Nearly 40% of their portfolio companies have secured follow-on rounds. “We are confident that our track record and understanding of tech-enabled business models will add value to founders raising funds from ThinKuvate,” added Toshniwal.

The fund expects to start deploying capital from the next quarter. Addison Appu, Partner at ThinKuvate, mentioned, “We are already evaluating several startups and are in advanced stages of discussions. Our experience in the Indian market since 2016, combined with the surge in digital adoption and conducive policy environment, highlights India’s potential for innovative products and technologies with a ‘glocal’ approach. We aim to extend this playbook to Southeast Asia.”

ThinKuvate’s investment criteria, aligned with global VC standards, are designed to help Indian startups build strong business moats. The fund prefers to invest in revenue-generating startups with early market traction, patented products, and those led by two or more founders. ThinKuvate’s rigorous due diligence process includes deep background checks and extensive evaluation to ensure top-quality investments for their stakeholders.