100X.VC plans to invest INR 125 crore in 100 early-stage startups this year
- ByStartupStory | April 2, 2022
100X.VC, a venture capital firm, plans to invest in 100 start-ups by 2022, more than doubling its previous year’s 41 investments. In December, the venture capital firm announced its sixth cohort of ten early-stage start-up investments. The company stated in a statement that it is considering using iSAFE Notes to invest the amount required for 15 percent eventual equity ownership in each startup.
It anticipated that the cumulative worth of all 60 portfolio firms from the first five cohorts would be $211 million in December 2021. (Rs 1,583 crore). In 2019 and 2020, the VC fund invested in two batches of 20 and nine young companies, respectively.
After reviewing over 20,000 applications, the business decided to invest in 80 startups. Additionally, 100X-funded start-ups. VCs have raised about Rs 450 crore ($60 million) from a variety of sources, including growth venture capital funds, family offices, angel investors, and venture capital firms.
Sanjay Mehta’s Mehta Ventures leads 100X.VC, which was founded in 2019. The fund, which operates on a cohort-based investment approach, unveiled its first batch of 20 early-stage firms in December 2019. The next nine startups in Class 02, ten startups in Class 03, eleven startups in Class 04, and ten startups in Class 05 followed.
In the meantime, the trend of micro venture capital (VC) funds has captivated the Indian public in recent years, with many VCs launching between 2014 and 2020. Employing a micro VC method, the company began by using India SAFE notes as an alternative to convertible notes for investment.
An investor can use this strategy to make cash investments in exchange for a convertible instrument that can be used to buy shares in a future pricing round. Mehta previously told Inc42 that the micro VC employs iSAFE notes because they require more examination — an investor makes a cash investment in exchange for a convertible instrument and to conform with existing Indian law. Furthermore, the iSAFE note is structured as compulsorily convertible preference shares (CCPS), which are convertible when certain conditions occur.
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