FundVice, which does investment banking and acts as a startup accelerator, has announced the launch of its India-focused sector-agnostic fund.
The fund, christened as Ryoma Ventures, will have an initial corpus of $11 million to accelerate startups. It plans to close the fundraising soon from its current set of investors and newer ones.
“We have seen exciting startups that are revenue-generating but lack the right support of investors. To support them, we took the decision to start this fund,” said Heena Aroora, managing director at FundVice and Ryoma Ventures.
Recently, FundVice orchestrated a seed round for India’s first clean beauty marketplace Vanity Wagon.
The country has of late witnessed increased fundraising activity among venture vehicles and even corporates launching their own accelerator programmes.
Last week, Sequoia Capital India hit the road to raise its second seed-stage fund as it seeks to build on its focus on catching startups early.
Last month, Amazon India announced a partnership with Startup India to launch an accelerator programme for early-stage startups in the consumer products segment, helping them sell their products in international markets.