Venture Catalysts a Mumbai based seed investment and innovation platform has raised a funding of $500k led by Zaffiro Ventures.
The funds will be utilised to expand its business in Delhi, Raipur, Bengaluru and Ahmedabad in the next 3 years. BY the end of 2016 it will expand its operations in 5 more cities, followed by next 5 cities in 2 years.
Revathi Roy, co-founder, Zaffiro Ventures said
“After interacting with the Venture Catalysts founders we learnt how robust the end-to-end ecosystem is built to support and nurture new-age tech businesses. Hence instead of re-inventing the wheel by creating a new platform, creating synergies is a well-thought process.”
It was founded by Anil Jain, Apporva Sharma, Gaurav Jain and Anuj Golecha. It was launched as India’s 1st seed investment and innovation platform which aims to provide venture fund, angel network, post investment support and co-working facility to help boost startups in their early stage of growth.
Currently it has more than 600 angel network and it plans to include 100 new angels by next month. It has raised more than $3 million for their startups and made 10 investments so far. It invests from $100k to $250k in early stage startups having the potential to create enduring value for a long period of time.
Dr. Apoorv Ranjan Sharma, co-founder of Venture Catalysts, said,
“The investment from Zaffiro will help us in expanding to multiple cities across India and promote entrepreneurship beyond the metropolitan and tier-1 geographies. It will also allow us to access industry insights and business acumen gained by individuals such as Revathi Roy and Jagdish Gothi adding great value to our business approach and allowing us to reach newer heights.”
Venture capitalist has so far invested in 7 startups with more than $3 million, the startups include LenDenClub a peer to peer lending startup, vPhrase an AI platform, SIFTR Labs a photography curation platform, CoutLoot an e-commerce platform and more. It further plans to invest in sectors including AI, IoT, Virtual Reality, E-Commerce, Ad Tech and Retail.
Anuj Golecha, co-founder, Venture Catalysts added,
“The capital will also be used to diversify our offerings by adding a bouquet of services such as corporate acceleration, women incubation programmes, added support infrastructure to our portfolio companies. This will allow us to take the Indian startup ecosystem to the next level and drive healthy growth for the country’s economy.”