Singapore-based ThinKuvate launches Rs 100 crore maiden India fund

Singapore-based angel investment network, ThinKuvate has announced the launch of its first India focused Fund – ThinKuvate India Fund – I with a total corpus of Rs 100 crore.

The India Fund will look to invest in tech startups across sectors with an initial amount of up to Rs 3 crore. ThinKuvate aims to invest in 12 – 15 startups every year through this Fund.

The Fund launch will also be announced through investor roadshows across cities in a phased manner.

Aiming to tap into emerging Indian startup hubs

In the first phase, the ThinKuvate team will roll out the fund in key cities like Nagpur, Raipur, Bangalore, and Chennai, aiming to tap into emerging startup hubs in India along with established centres.

Ritesh Toshniwal, Founding Partner, ThinKuvate, said, “Over the last 7 years, we have built a strong portfolio of over 22 companies in India and SEA. Our understanding of both markets puts us in a unique position to facilitate international LPs’ growing interest in India. From our existing portfolio, we have already invested in Indian startups and the performance of these companies coupled with macros of the Indian economy, growing investors’ interest played a crucial role in ThinKuvate launching an exclusive India fund.”

Received SEBI's approval

ThinKuvate has received SEBI's approval to launch this AIF CAT 1 Fund in India. With an investor base of nearly 200, the fund expects to reach its first close within this quarter. 

The fund is founded by Nagpur University alumni Ghanshyam Ahuja, Ritesh Toshniwal, and Vikas Saxena. The Fund has also expanded its core team, with Mayank Jain joining ThinKuvate as CEO. 

ThinKuvate has earned a strong reputation driven by top quality deal sourcing, building a strong portfolio backed by stringent due diligence and compliances. The Fund works closely with its founders and goes beyond providing capital. ThinKuvate founders mentor and guide the founders through their growth journey.

Notably, ThinKuvate has completed two exits thus far, with one portfolio company listing on the Australian Stock Exchange. Nearly 40% of their portfolio have secured follow-on rounds. “We are confident that our track record and understanding of tech-enabled business models will add value to founders who will be raising funds from ThinKuvate, adds Ritesh.” 

The Fund expects to start deploying capital in the next quarter.

Leadership comments

Addison Appu, Partner, ThinKuvate, said, “We are already evaluating several startups and are in the advanced stages of discussions with them. Our fund has been investing in India since 2016 and has a first-hand experience of the large market and growth potential India has to offer to the World."

"The surge in digital adoption and conducive policy environment has led to the emergence of products and technologies from India with a “glocal” approach, blending global perspectives with local relevance. Drawing from our experience in mentoring and advising startups, we recognize the potential to extend the India playbook to Southeast Asia," Appu added.

ThinKuvate’s investment thesis and criteria

ThinKuvate’s investment thesis and criteria, which align with global VC standards, are anticipated to significantly aid Indian startups in creating a stronger competitive edge for their businesses. The Fund has established a robust track record for the high quality of deals it curates for its investors. By leveraging its extensive network, ThinKuvate performs thorough background checks and conducts an elaborate due diligence process to ensure the viability and potential of its investments.

The Fund's shortlisting parameters are comprehensive and rigorous. Firstly, ThinKuvate prefers to invest in startups that are already generating revenue and have demonstrated early traction and market acceptance. This criterion ensures that the businesses have a viable market presence and a proven demand for their products or services.

Secondly, the Fund favours investments in startups with strong patented products. Patents provide a significant competitive advantage and are indicative of the innovative capacity of the startup. This focus on patented products helps ensure that the startups have a unique market proposition and a defensible position against competitors.

Lastly, ThinKuvate prefers startups with two or more founders. This preference is based on the understanding that multiple founders can bring diverse skill sets and shared responsibilities, which often leads to more resilient and dynamic leadership within the startup.

About ThinKuvate

ThinKuvate is an early-stage startup investment firm incorporated in Singapore with interests and investors in Singapore, India, the UK, the Middle East, LatAm, Australia and the USA.

Initially investing approximately $1.5 million across nine startups in Southeast Asia and India, ThinKuvate Ventures has since facilitated investments totaling $5 million across 22 startups in the region.