GrowthCap Venture's inaugural Operator VC fund aims to support 10-12 start-ups over the next 20 months.
GrowthCap Ventures, founded by former BharatPe CBO Pratekk Agarwaal, has secured an initial funding of Rs 20 crore. The venture firm will make investments in early-stage start-ups specialising in Fintech, SaaS, and Deeptech, offering funding in the range of Rs 2 crore to 6 crores.
The inaugural VC fund aims to support 10-12 start-ups over the next 20 months, the company said in a press statement.
Pratekk Agarwaal, the founder and general partner, shared insights on the achievement, stating, "Obtaining the Cat2 fund license in July '23 and achieving the timely first close is a noteworthy milestone for us. For our inaugural fund, we have selectively garnered investments from accomplished Operators who have successfully built large organisations. This exclusive funding opportunity is by invitation only."
The fund, supported by a strong lineup of LPs and mentors, features industry leaders such as Beerud Sheth of Gupshup, Shankar Vailaya of ShareKhan, Naresh Naik of Irep Capital, and others, promising an exceptional investment opportunity, it added.
Agarwaal expressed gratitude for the overwhelming interest received from institutions and family offices. He revealed plans to leverage this interest in the next fund, which is projected to be a winners Fund with an estimated size of approximately 250 crore Rs. He emphasized, "We are excited about the prospects ahead and remain committed to fostering innovation and growth in the Fintech, SaaS, and Deeptech sectors."
The firm described its uniqueness adding that its Operator VC model a pioneering approach that prioritizes exceptional founders with a tech-first mindset and profound product insights.
With a notable background from IIM-Kozhikode and a rich history with companies like Bajaj Finsev, Fullerton India, Indostar Capital, and BharatPe, Agarwaal brings a wealth of experience. Having already invested in over 35 companies and advised numerous startups, his track record includes notable names like Decentro, Vegapay, Klub, Karmalife, Fundly, Transbnk, and Coverself among others and also has returned > 100 per cent IRR to investors in some early bets he took, the statement read.