Inflexor Ventures has announced that it has made the final close of its second fund at over Rs 600 crore, surpassing its initial domestic target corpus of Rs 500 crore. Inflexor Technology Fund was initially launched in early 2020 and had marked its first close at Rs 230 crore in August 2020.

SBICap Ventures and Small Industries Development Bank of India (Sidbi) through a fund for funds for startups, and Sumankant unjal Family Office have invested in Inflexor’s Technology Fund, which also saw participation from other marquee family officers and startup founders.

With the final close, Inflexor plans to primarily invest in business-to-business (B2B) enterprise startups that are leveraging deep technology capabilities and solving problems for domestic as well as global markets.

It will focus on sectors of fintech, healthtech, consumer tech, agritech and also invest in futuristic sectors like space technology.

The fund is expected to participate in rounds starting Pre-Series A to Series B with initial cheques ranging from Rs 5 crore to Rs 20 crore in these startups. With the final close, Inflexor is also expected to make follow-on rounds in its portfolio, based on their performance.

“We started the fundraise during the first wave of covid-19 last year and did the final close during the second wave. Despite the tough conditions, we are happy that we exceeded our domestic fund corpus target. While the pandemic posed serious challenges globally, it has also acted as a catalyst for technology-based automation and digitization efforts around the globe, and we hope to invest in startups that will benefit from this trend,” said Venkat Vallabhaneni, managing partner, Inflexor Ventures.