In a significant stride towards fostering innovation within the tech startup landscape, the Early Stage Venture Fund Equirus InnovateX Fund (EIF) has achieved its first close shortly after securing an AIF (Alternative Investment Fund) Category-I licence from the SEBI (Securities and Exchange Board of India). The fund, launched in January 2024, attracted participation from Ex-Founder/Operator HNIs (High Net Worth Individuals) and UHNIs (Ultra High Net Worth Individuals) during its initial phase.
With this milestone, EIF is poised to expedite its investment activities, aiming to deploy capital into at least two promising companies within the coming month. Sunder Nookala, Early-Stage VC, and Head Tech and Digital at Equirus, expressed enthusiasm over the fund’s successful commencement, emphasising its potential to fuel the growth of visionary founders and catalyse positive transformation across industries.
Looking ahead, EIF has outlined ambitious plans to execute 15–18 strategic investments throughout the year, leveraging its INR 250 crore fund. Maintaining its investment focus on sectors such as Software as a Service (SaaS), Deep Tech, Fintech, and emerging industries, the fund aims to allocate investments ranging from INR 4 to 8 crores.
Furthermore, EIF remains committed to providing ongoing support for its portfolio companies as they progress and scale. To this end, the fund intends to reserve 30–40% of its capital for follow-on rounds, ensuring sustained backing for the growth initiatives of its investees.
Ankur Punj, National Sales Head at Equirus Wealth, underscored the rising interest among High Net Worth Individuals (HNIs)/Ultra High Net Worth Individuals (UHNIs) and institutional clients in early-stage Alternative Investment Fund (AIF) strategies. Recognising the potential for portfolio diversification and alpha generation in returns, investors are increasingly drawn towards EIF’s innovative investment approach.
In summary, EIF’s successful first close marks a pivotal moment in its mission to drive innovation, support entrepreneurial endeavours, and contribute to the dynamic evolution of India’s startup ecosystem.
