Venture capital firm, Inflexor Ventures marked its first close of Inflexor Technology Fund after raising Rs 230 crore. The technology fund’s target corpus was Rs 500 crore with an additional Rs 200 crore green-shoe option from domestic and international investors over the coming few months.

Inflexor Technology Fund was launched earlier this year, SBICap Ventures, SIDBI, family offices and ultra-rich individuals are the investors in the funds. During the Covid-19 crisis, the capital was being raised from its partners, and now, the fund has closed its first round of investing. Inflexor Technology will support Business-to-Business (B2B) enterprises and startups by investing in Pre-Series A to Series A+ stages focusing into health tech, consumer tech, fintech, edtech, cleantech, and agritech.

The fund aims to invest Rs 5-7 crore in 3-4 companies and would invest up to Rs 15-20 crore as a follow-on funding based on their performance, growth and capital requirements.

Venkat Vallabhaneni, the Managing Partner of Inflexor Technology Fund, said, “We see a huge opportunity for emerging new-age Indian technology companies given the availability of large young talent pool and the entrepreneurial spirit of founders”, and added that a slower recovery is seen in the startup ecosystem with new opportunities in technology-led sectors.

Jatin Desai, Other Managing Partner said, “We want to identify the right technology startups at an early stage and help them scale up in India and sell to global markets and in the process hopefully make some decent returns for our investors.”