Singapore-based ThinKuvate Launches ₹100 Crore Maiden India Fund

Singapore-based angel investment network ThinKuvate has announced the launch of its first India-focused fund, ThinKuvate India Fund – I, with a total corpus of ₹100 crore. The fund aims to invest up to ₹3 crore in tech startups across various sectors, targeting 12-15 startups annually.

To promote the fund, ThinKuvate will conduct investor roadshows across key Indian cities, including Nagpur, Raipur, Bangalore, and Chennai. These roadshows aim to tap into emerging startup hubs as well as established centers.

"Over the last seven years, we have built a strong portfolio of over 22 companies in India and Southeast Asia. Our understanding of both markets puts us in a unique position to facilitate international LPs’ growing interest in India," said Ritesh Toshniwal, Founding Partner of ThinKuvate. He noted that the performance of Indian startups in their existing portfolio and the positive macroeconomic factors in India were crucial in launching this exclusive India fund.

ThinKuvate has received SEBI approval to launch this AIF CAT 1 Fund in India. With nearly 200 investors, the fund expects to reach its first close within this quarter. The fund was founded by Nagpur University alumni Ghanshyam Ahuja, Ritesh Toshniwal, and Vikas Saxena. Additionally, Mayank Jain has joined as the CEO of the fund.

ThinKuvate goes beyond providing capital by mentoring and guiding founders through their growth journey. The network has completed two exits so far, with one portfolio company listed on the Australian Stock Exchange. Nearly 40% of their portfolio companies have secured follow-on rounds.

"We are confident that our track record and understanding of tech-enabled business models will add value to founders raising funds from ThinKuvate," Toshniwal added. The fund expects to start deploying capital from the next quarter.

Addison Appu, Partner at ThinKuvate, mentioned that they are already evaluating several startups and are in advanced stages of discussions. "Our fund has been investing in India since 2016 and has firsthand experience of the large market and growth potential India offers. The surge in digital adoption and a conducive policy environment have led to the emergence of products and technologies from India with a ‘glocal’ approach, blending global perspectives with local relevance," he said.

ThinKuvate’s investment criteria are on par with global VC standards, helping Indian startups build a solid moat for their businesses. The fund leverages its extensive network to conduct deep background checks and a thorough due diligence process, ensuring high-quality deals for its investors.

HBL