Singapore’s ThinKuvate Launches INR 100 Crore Fund to Boost Indian Tech Startups

Singapore-based angel investment network ThinKuvate has secured a SEBI license to launch its first India-focused fund, ThinKuvate India Fund – I, with a corpus of INR 100 crore. This fund will invest in early-stage tech startups from seed to pre-Series A across various sectors, with initial investments of up to INR 3 crore per startup.

ThinKuvate plans to invest in 12 to 15 startups annually, beginning with emerging hubs such as Nagpur, Raipur, Bengaluru, and Chennai. To kick off its fundraising activities, the network will host a series of investor-centric roadshows in these cities. The first close of the fund is expected within this quarter.

The network plans to invest approximately $1.5 million in nine startups in Southeast Asia and India, enhancing its portfolio with capabilities such as mentorship, technology assistance, go-to-market strategies, and business development.

Ritesh Toshniwal, Founding Partner of ThinKuvate, emphasized the network’s strong portfolio, which has been built over the last seven years. He highlighted ThinKuvate’s unique position in facilitating international LPs’ growing interest in India, driven by the performance of its existing Indian startups and the favorable macros of the Indian economy. This background played a crucial role in launching an exclusive India fund.

The fund aims to attract India-based high-net-worth individuals (HNIs) and family offices as limited partners (LPs). Toshniwal anticipates a capital distribution of approximately 60% from overseas and 40% from local investors. ThinKuvate has a portfolio of 22 startups, with 40% advancing to Series B rounds and one preparing for listing on the Australian Stock Exchange. Notable Indian startups in their portfolio include CureSkin, Vidyakul, and QubeHealth.

The venture capital firm focuses on B2B and B2B2C startups across sectors such as health-tech, fintech, IoT, AI-ML, consumer tech, and martech, actively participating in Seed, Angel, and Pre-Series A rounds.

ThinKuvate’s extensive network and expertise provide its portfolio companies with mentorship, technology support, and business development. Partner Addison Appu highlighted their advanced discussions with several startups and emphasized ThinKuvate’s longstanding investment experience in India since 2016. The new fund will prioritize startups with early revenue traction, market acceptance, and patented products, aiming to bolster innovation and growth in India’s vibrant startup ecosystem.

About ThinKuvate

ThinKuvate, founded by Nagpur University alumni Ghanshyam Ahuja, Ritesh Toshniwal, and Vikas Saxena, has also expanded its core team, with Mayank Jain joining as CEO. The fund has received SEBI approval to launch an AIF CAT 1 Fund in India, and it aims to reach its first close within this quarter, leveraging a nearly 200-strong investor base.

Launched in 2015, ThinKuvate began as a collaborative effort among close friends with a shared interest in angel investing, initially pooling a corpus of $1.5 million. Over the past seven years, ThinKuvate has grown into a significant investor network in India and Southeast Asia, now comprising over 150 mid to senior-level professional NRIs. The network has been instrumental in driving the growth of its portfolio companies, providing not just capital but also mentorship and strategic guidance.

The fund’s active involvement has led to successful exits, including one portfolio company listing on the Australian Stock Exchange and nearly 40% of its portfolio securing follow-on rounds. Co-founder Ritesh Toshniwal emphasized their confidence in adding value through their deep understanding of tech-enabled business models.

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