Equirus Capital’s Innovatex completes initial funding for inaugural early-stage fund
- ByStartupStory | February 21, 2024
Financial services company Equirus Capital has achieved the initial funding milestone for its InnovateX Fund (EIF), following the acquisition of an AIF (Alternative Investment Fund) Category-I license two months ago. The EIF, with a corpus of Rs 250 crore, aims to invest in tech startups, intending to make two investments within the next month and up to 15-18 strategic investments by the end of the year. The fund plans to allocate ticket sizes ranging from Rs 4 crore to Rs 8 crore, focusing on sectors like software-as-a-service (SaaS), deeptech, fintech, and other emerging industries. Additionally, it reserves 30-40% of its capital for follow-on rounds.
“The participation from successful tech entrepreneurs and operators strengthens our belief in our approach towards investing,” said Sadhika Agarwal, early-stage VC investor at Equirus, managing the EIF alongside serial entrepreneur Sunder Nookala. Nookala, an active angel investor and ex-founder of Kwench, a platform later acquired by US-based OC Tanner, brings valuable entrepreneurial expertise to the fund. Meanwhile, Agarwal, founder of Sudo Foods, specializes in quality plant-based alternatives, adding a unique perspective to the fund’s management.
“We have seen very encouraging participation from successful tech entrepreneurs and operators that have built and scaled businesses. This strengthens our belief in our approach towards investing in and helping build businesses the right way, truly adding value to our investments and contributing to the ecosystem,” said Agarwal, highlighting the collaborative spirit and expertise driving EIF’s mission.
Managed by seasoned entrepreneurs Sunder Nookala and Sadhika Agarwal, EIF aims to leverage their diverse backgrounds and insights to identify and nurture promising startups in the technology sector. With their collective experience and network, the team is poised to make strategic investments that drive growth and innovation in the startup ecosystem.
Equirus Capital, the parent company behind EIF, offers a comprehensive suite of financial services, including investment banking, fixed-income capital market, insurance broking, institutional equities, portfolio management services, and wealth management. Founded in 2007 by Ajay Garg, a former vice president and co-head of the private equity advisory desk at DSP Merrill Lynch, Equirus has established itself as a prominent player in the mid-market financial services sector.
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