Entrepreneur-turned-angel investor Sanjay Mehta announced the launch of 100X.VC, his new venture capital firm.
"Time has now come for us in India to make a huge leap in investing in startups, using globally successful models which will lend depth and scale to the VC industry,” Mehta said. “When startups become part of the 100X.VC ecosystem, they will get all that they truly need. For us, investing in 100 start-ups over the next twelve months is just the beginning.”
Since 2011, Sanjay has invested in approximately 130-plus companies including OYO Rooms, Box8, LogiNext, and Block.One.
The investment size for each early-stage startup would range from Rs 25 lakh to Rs 1 crore, an official statement said. 100X.VC aims to be the first institutional investor in its portfolio companies and plans to open its network, expertise, and resources that will assist founders in crafting a scalable business model, the statement added.
100X.VC will invest in companies through India Simple Agreement for Future Equity (iSAFE), which is intended to be an alternative to a convertible note. With the iSAFE note, an investor makes cash investments in return for a convertible instrument that allows him/her to buy shares in a future round.
The Mumbai-based firm has a five-member team including Mehta as founder and partner, Ninad Karpe, partner, Yagnesh Sanghrajka, CFO, Shashank Randev, founder VC and Vatsal Kanakiya, CTO.
“100X.VC is truly a game-changer. I am delighted to be part of this exciting journey of funding startups in India using a unique model. I hope to bring to bear my entire corporate experience to nurture and grow the startups we invest in,” Karpe said.
100X.VC has received the final regulatory approvals for Category 1 - Alternate Investment Fund licence and Investment Advisor licence from the Securities & Exchange Board of India (Sebi) to commence operations.