Merak Ventures launches a $100 million debut fund to back early-stage startups
- ByStartupStory | August 29, 2022
According to Manu Rikhye and Sheetal Bahl, creators of the sector-agnostic, early-stage venture capital (VC) firm, Merak Ventures is raising its first fund with a target corpus of $100 million. In the next three to four years, the fund will invest in 18 to 20 firms. Merak will provide seed funding to business-to-business (B2B) and emerging technology startups to assist them in building sustainable businesses that use technology to solve real problems and have a large-scale effect.
Despite its sector independence, the fund will prioritize climate tech (agritech, mobility, carbon, digital solutions, and climate financing), insurtech, and enterprise SaaS (software-as-a-service) firms. “There are passionate founders who want to tackle real-world problems, and we want to empower them not just financially, but also as a mentor partner.” “We are confident that enterprises that tackle genuine problems will always be a good investment,” said Rikhye, Merak partner.
Rikhye and Bahl, who previously ran growX Ventures’ $25 million early-stage fund, will continue to oversee Fund I operations. The growX brand is independent, and Rikhye and Bahl have no involvement. Cynlr, Pixxel, and Progcap were among the 16 firms that received funding from the growX fund.
Merak expects to close its first fund by the end of the year. “For the first time, we hope to raise one-fourth to one-third of the corpus.” “The first group of investors for the first close will be existing investors, and then we will approach institutional investors, both global and domestic,” Rikhye said, adding that climate tech is a significant investment issue on which the fund would focus.
According to Bahl, Merak is interested in investing in electric vehicles, batteries, carbon, and digital solutions, including climate finance. “Merak is the result of a decade of thinking, learning, and investing in India’s startup ecosystem.” It embodies a firm view that financial gain and influence, whether on the industry, people, or the environment, are not mutually exclusive. And it is built on our passions—B2B and emerging technologies—and our values: boldness, empathy, and fun. “
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