Peaceful Progress announces the first close of its INR 50 crore fund for early-stage startups

• ByStartupStory     |    July 26, 2022

Peaceful Progress, an angel investment fund, has unveiled the first closure of its INR 50 crore corpus for early-stage entrepreneurs. More than 15 angel investors & high-net-worth individuals (HNIs) from industries such as information technology, financial services, and hospitality contributed to the fund’s inaugural capital. The fund stated that it intends to fund up to INR 3 Cr for each company.

It plans to invest largely in financial technology, health-tech, ed-tech, food tech, consumer-tech, direct-to-consumer (D2C), and electric vehicles (EVs). Peaceful Progress plans to invest in 15-20 early-stage firms over the next 3 to 4 years. The fund was approved by the Securities and Exchange Board of India (SEBI) in Feb of this year as a category-I alternative investment vehicle (AIF).

The fund has so far invested in four firms, led mainly by Chandrashekar Kupperi, Kamal Agarwal, & Sitaraman Parthasarathy: ed-tech platform Expertrons, HRtech company Kredily, cleantech startup Sheru, and retail tech platform Infilect. “In addition to capital, we provide our investees assistance, direction, knowledge, and access to a large network for growth.” “We are grateful to our investors for their support of Peaceful Progress, and we are enlisting more to join us on our adventure,” said Peaceful Progress general partner Chandrashekar Kupperi.

Peaceful Progress has entered the growing list of investing businesses that have raised cash amid murmurs of a “funding winter” and a worldwide economic slowdown with the first closing. Just a week back, investment company B Capital declared the final closure of its $250 million Ascent Fund II, which would invest in early-stage firms in the United States and India. Before that, another US-based venture capital company, Lightspeed, announced the completion of a $500 million fund focused entirely on India and South-East Asia. Sequoia Capital India established its largest fund to date, $2.85 billion, in June, to invest in businesses throughout India and Southeast Asia.

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