Inflexor Ventures has made the first close of its third fund, securing commitments totalling $40 million, as it looks to step up investments in India’s early-stage startups across science, engineering and technology sectors.
The Inflexor Technology Discovery Fund has a target corpus of $135 million. It is anchored by the Self-Reliant India (SRI) Fund and HDFC Asset Management, and has also secured commitments from international institutional investors, the firm said in a statement.
The fund will primarily back pre-Series A and Series A startups, with initial cheque sizes ranging from Rs 15 crore to Rs 45 crore. It plans to build a portfolio of 22-25 companies, with a greater focus on Series A investments than its previous funds.
“India’s innovation ecosystem has reached an inflection point,” said Venkat Vallabhaneni, founder and managing director of Inflexor Ventures. “We’re seeing a growing pipeline of globally ambitious companies built on differentiated science, engineering and technology, creating a compelling opportunity to partner with founders earlier in their scaling journey,” he added.
With the first close complete, Inflexor has begun deploying the fund and plans to announce its first investments in the coming weeks.
Inflexor closed its second fund at Rs 600 crore in July 2021, exceeding its initial domestic target of Rs 500 crore. Its first fund, Parampara, was launched in 2015 and backed 12 startups. Separately, the firm closed its Opportunities Fund at Rs 337 crore early last year.
In total, Inflexor manages about $140 million in assets and has backed 27 technology startups, including Kale Logistics, PlayShifu, Entropik, ClickPost and CloudSEK.
