Equirus InnovateX Fund Announces Successful First Close

Equirus InnovateX Fund (EIF), an early-stage venture fund dedicated to supporting tech companies, today announced its first close within two months of securing an AIF (Alternative Investment Fund) Category-I license from the SEBI (Securities and Exchange Board of India). 

Who are the investors?

EIF announced the launch of the Fund less than a month ago. The fund's first close saw participation from Ex-Founder/Operator HNI (High Net Worth Individuals) / UHNIs (Ultra High Net Worth Individuals).

 

With the first close secured, the fund will invest in at least two companies within the next month, as per the firm’s statement. The firm it is focused on accelerating its mission of fostering innovation in the tech startup ecosystem.

Nurturing next generation of tech innovators

 "EIF's successful first close is a testament to the vibrant ecosystem of visionary founders and supportive investors," remarked Sunder Nookala, Early-Stage VC, and Head Tech & Digital at Equirus. "We are excited to leverage this momentum to identify and nurture the next generation of tech innovators, driving positive change across industries."

Sadhika Agarwal, Early-Stage VC at Equirus, added, "We have seen very encouraging participation from successful tech entrepreneurs and operators that have built and scaled businesses. This strengthens our belief in our approach towards investing in and helping build businesses the right way, truly adding value to our investments and contributing to the ecosystem." 

Making 15-18 strategic investments

This year, EIF intends to make 15–18 strategic investments, building on the foundation of its Rs 250 crore fund.

The investment themes and ticket sizes remain consistent with EIF's previous announcements, focusing on sectors such as Software as a Service (SaaS), Deep Tech, Fintech, and other emerging industries, with investments ranging from Rs 4 to 8 crore. 

Additionally, the fund intends to reserve 30-40% of its capital for follow-on rounds, to ensure continued support for portfolio companies as they scale and grow.

Who are the founders?

EIF is operated by founders Sunder Nookala and Sadhika Agarwal. EIF brings a wealth of knowledge and a solid investment track record to the table. Sunder, a serial entrepreneur, an active angel investor & ex-founder of Kwench, an employee engagement platform, achieved a successful exit after the company's acquisition by US-based O.C. Tanner. He is an active angel investor and LP in Upekkha and PointOne Capital, has invested in companies like Credgenics and GoComet. Meanwhile, Sadhika founded Sudo Foods, a consumer brand specializing in quality plant-based alternatives.

 

Ankur Punj, National Sales Head at Equirus Wealth, added,” There is a growing interest among High Net Worth Individuals (HNIs)/Ultra High Net Worth Individuals (UHNIs) and institutional clients in early-stage Alternative Investment Fund (AIF) strategies as a means of diversifying their portfolios and generating alpha in returns.”