ThinKuvate Launches Rs 100 Crore Maiden India Fund to Invest in Tech Startups
- ByStartupStory | May 21, 2024
Singapore-based angel investment network, ThinKuvate, has announced the launch of its first India-focused fund, ThinKuvate India Fund – I, with a corpus of Rs 100 crore. The fund aims to invest up to Rs 3 crore in tech startups across various sectors, targeting 12 to 15 startups each year. The launch will be accompanied by investor roadshows in key cities such as Nagpur, Raipur, Bangalore, and Chennai, highlighting ThinKuvate’s strategy to tap into both emerging and established startup hubs in India.
Ritesh Toshniwal, Founding Partner of ThinKuvate, emphasized the network’s robust portfolio, comprising over 22 companies across India and Southeast Asia (SEA). “Our understanding of both markets positions us uniquely to facilitate international LPs’ growing interest in India,” he said. Toshniwal also noted the strong performance of their existing Indian investments, coupled with favorable economic conditions and growing investor interest, as key drivers for launching this exclusive India fund.
Having secured approval from SEBI to launch this AIF CAT 1 Fund, ThinKuvate expects to reach its first close within this quarter. Founded by Nagpur University alumni Ghanshyam Ahuja, Ritesh Toshniwal, and Vikas Saxena, the fund has recently expanded its core team with Mayank Jain joining as CEO.
ThinKuvate has built a strong reputation for quality deal sourcing and stringent due diligence. The fund not only provides capital but also mentors and guides its portfolio companies through their growth journey. To date, ThinKuvate has completed two exits, including one portfolio company listing on the Australian Stock Exchange, with nearly 40% of their portfolio securing follow-on rounds.
Partner Addison Appu highlighted ThinKuvate’s extensive experience in the Indian market since 2016. “The surge in digital adoption and a conducive policy environment have led to the emergence of products and technologies from India with a ‘glocal’ approach, blending global perspectives with local relevance,” he stated.
ThinKuvate’s investment criteria, which align with global VC standards, include a preference for revenue-generating startups that have achieved early traction and market acceptance, as well as strong patented product startups. They also favor companies with two or more founders.
The fund is set to begin deploying capital from the next quarter, with several startups already under evaluation. ThinKuvate’s investment thesis and rigorous due diligence processes are expected to help Indian startups build robust business moats.
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