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Excl: Early-stage investment firm growX ventures in talks to invest in three tech startups

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growX_logoDelhi-based early-stage investment firm growventures is in advanced talks to invest in three technology startups. While their names have not been disclosed, a top executive of the firm told Techcircle.in that these companies are operating in the SoLoMo (social-local-mobile), marketing solutions and battery verticals.

"One of them is an Indian company, while the rest are Indo-US ventures. We hope to close the deals in a few months," said growX CEO and MD Sheetal Bahl, without sharing more details.

The fund was started early last year by former Accenture employees Bahl and Ashish Taneja. A graduate in electrical engineering from IIT Bombay, Bahl had also earlier worked at ICICI Bank and Everest Group. Taneja is a chartered accountant and was earlier India chief of UK-based BPO firm Vertex.

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A sector-agnostic fund, growX invests in ideation stage, prototype, proof-of-stage and early revenues startups. It primarily looks at the team and size of the market a startup is addressing before investing in them. A proprietary fund, it typically invests between Rs 50 lakh and 2.5 crore in each startup. In addition to making lead investments, growX also co-invests with other funds.

As of now, the fund has already invested in nine ventures including AdSparx (video ad tech platform), FortunePay (e-payments processing), ShepHertz (cloud platform for app developers), and Zolijns Designs (furniture and furnishings) in India; and Quandl in Canada, among others. In ShepHertz, the firm co-invested in its pre-Series A round along with Blume Ventures and Kae Capital.

"We are a fairly small private angel group and we pool money among ourselves to invest in startups. However, we are currently in the process of transforming it to a proper fund, and expect to launch the same early next year," said Bahl.

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According to him, growX is also willing to invest in foreign ventures, but its main focus remains to be India. The firm is looking to invest in four-six companies on a yearly basis.


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