Venture capital firm 100X.VC is planning to invest over Rs 200 crore in startups in India by the end of next year.
The company has rolled out corporate venture capital (CVC) program for India to partner local corporations who have corpus to invest in startups.
“100X.VC team research survey estimates that the top 100 corporations in India have kept aside anywhere between Rs 10-100 crore of capital to invest in startups. We expect around 30-40 corporates to join us in CVC program and contribute upward of Rs 200 crore for investment in startups,” 100X.VC founder Sanjay Mehta told PTI.
100X.VC is India’s first venture capital firm to invest in early stage startups using India SAFE Notes (iSafe). Under iSafe, an investor makes a cash investment in return for a convertible instrument.
“We plan to invest in 15-30 startups every quarter,” Mehta said. 100X.VC has plans to invest in 100 startups in a year.
Reliance Industries’ JioGenNext, YourNest, Nexus Ventures Partners, JSW Ventures etc are some of the venture capital firms that have partnered with 100X.VC.
“Indian corporations woke up after Walmart acquisition of Flipkart. It shook them to start looking at startups seriously. Our role is of a catalyst by helping corporations discover, invest and build startups allied to their industry and strategic fitment. We initially plan to work with 10-12 company boards to actively create a bespoke deal flow for their investments,” 100X.VC partner Ninad Karpe said. PTI PRS