World V, a New Delhi-based early-to-mid stage investment firm, will raise Rs 100 crore ($14 million at current foreign exchange rates) for its maiden fund, dubbed World V Technology Fund -- Series 1. The fund was registered as a category 1 alternate investment fund (AIF) with SEBI early this month and will back startups in the consumer, healthcare, finance and entertainment sectors.
The technology focus will see the fund back deep technology companies in the consumer facing and B2B space which work on emerging technologies including cloud, big data, artificial intelligence, machine learning and Internet of Things (IoT), World V said in a statement.
The firm was founded last October by a group of executives including Rajiv Semwal, principal advisor at early stage venture capital and consulting firm Quarizon; senior solutions strategist at GE Healthcare Adarsh Holavanahalli; and Anushree Gang of AM Gang Advisory.
“The World V Technology Fund – Series 1 will identify companies that need more than just funding. We will not just be investing in the company but we will be their partner in the growthstory. With access to global best practices, World V will work towards creating a platform for knowledge transfer and nurturing of talent in the invested companies,” Deepak Shetty, partner at World V, said.
The early stage investment market has increased activity over the last few months with new and specialised funds entering the fray. In December last year, Dubai-headquartered Royal Vision Group launched its multi-stage venture capital firm, Draconis Capital Future Fund with $100 million corpus in first close of its maiden fund.
Entrepreneur turned angel investor Sanjay Mehta launched 100X.VC in July 2019 as a category 1 AIF to back early stage companies through iSAFE notes.