- VC firm Finvolve closes Rs 100 crore maiden fund and launches three more with Rs 500 crore target, one of which is focused on Gujarat’s GIFT City.
- National Company Law Appellate Tribunal (NCLAT) defers hearing on petitions against Google’s Play Store billing policy to July 5.
VC firm Finvolve has successfully closed its maiden fund of Rs 100. In addition, Finvolve announced three more funds, one of which is focused on Gujarat’s GIFT City, with a collective target of Rs 500 crore. The funds operate on the principles of accelerator, seed, and scale for pre-seed start-ups.
Finvolve was launched in 2022 as a collaborative effort between India Accelerator and Finolutions. While the former is a global start-up acceleration platform, the latter is a GIFT City-based B2B business consultancy firm.
This move signals the firm’s confidence in the market and its commitment to supporting startups and entrepreneurs.
Indian companies, including Indian Broadcasting and Digital Foundation, have challenged Google’s new policy, which imposes charges on in-app payments.
The Competition Commission of India (CCI) had previously declined to grant interim relief against Google’s billing policy, leading to further legal challenges. The NCLAT bench has assured app developers of a fair hearing and urged both parties to maintain the status quo until the next hearing.
Commenting on the development, Finvolve’s co-founder Apoorva Vora said, “The initiative will provide comprehensive support to start-ups from ideation to IPO, ensuring they have the resources and expertise needed to succeed in a competitive global market. For investors, there are considerable advantages. Multi-stage funds provide diversification across different asset classes, which helps to spread risk and potentially enhance returns for our LPs.”
Vora further added that the latest fundraise will not only serve as a financial resource for the start-ups but also act as a catalyst for innovation and opportunity.
The latest fundraise will be divided into three segments. Each selected start-up will receive about $150,000 from the acceleration fund and $500,000 from the seed fund to scale operations.
Meanwhile, the third segment is intended for more mature start-ups, each of which will receive $1 million to $3 million from the scale fund for expansion and preparation for an IPO.“There is an unprecedented surge in the number of start-ups making an impact on the economy. We aim to capitalise on the financial market’s investment gap by sourcing and investing in opportunities that other funds are missing due to their size, networks, pipelines, and biases,” said Ashish Bhatia, co-founder of Finvolve
