Anisha Singh, the co-founder of Kinobeo Software, which operates coupon site Mydala.com, has announced the first close of her women-focused venture capital fund, She Capital at Rs 65 crore.
The venture capital firm is likely to raise Rs 175 crore for its maiden fund from largely Indian institutional investors and family offices.
The fund was set up in 2018 by Singh, Ajay Relan founder of home-grown private equity firm CX Partners and Subhash Bedi, founder of the asset management firm, Rising Straits Capital. The firm has also roped-in former associate director at KNAV India as managing partner.
“Specialised funds will grow in number and with She Capital, we want to focus on women-focused and women led businesses. If I am able to invest 12 companies out of the first fund, it is a good start as there are very few women focused funds in India,” Singh told TechCircle adding that the fund did face initial hiccups in raising capital.
She Capital will focus on India based companies from its first fund.
“We are seeing a wave of women-led companies in the US and China reaching unicorn status. India will see the next wave of women-led companies reaching the unicorn status,” added Singh. The fund has invested in a consumer food brand from the fund.
The fund will also look at providing mentorship to high growth companies. Cheque size for investments will range from Rs 3 to 8 crore with a focus on consumer brands and health and wellness space. Feminine hygiene products, healthcare detection and devices as well as beauty brands will be other focus areas for the fund. “We are also open to co-investing but want to lead the deal and be able to provide more than funding to the company,” Singh said.
India has seen few women-focused venture capital funds such as Saha Fund Globally, early-stage venture firms like Los Angeles-headquartered Halogen Ventures and Asia and New York-based SoGal Ventures back women entrepreneur-led businesses.