PointOne Capital, a venture capital firm that focuses on the pre-seed stage, has made the final close of its maiden fund just over a year after it announced a first close for the Rs 50-crore investment vehicle.
The fund primarily targets startups in the beta, or pre-launch, stage and has onboarded Silicon Valley and India-based entrepreneurs, CXOs and other corporate leaders, and mid-sized family offices as its Limited Partners.
The firm is led by founding partners Mihir Jha, who was previously with LetsVenture and Urban Company, and Ravish Ratnam, who was also previously with LetsVenture.
“The macro sentiment in India has seen a clear shift towards tech and it was very apparent from the huge participation interest we received from investors across profiles, globally,” Jha said. “Combining the fact that our ongoing portfolio wholly comprises category creators across sectors, we saw full subscription well ahead of expected timelines.”
Ratnam said that, with capital fast becoming a commodity, the tables have turned in the founder-investor relationship.
“Our final close will enable us to stick to our approach of quick decision making and non-intrusive value addition for our founders, thus making us a dependable partner for companies looking to raise their first round of capital. We have been fortunate to be associated with 30 startups already and will look to triple that number in the next two years,” Ratnam said.
The firm has registered the fund with the Securities and Exchange Board of India as a category I alternative investment fund and seeks to invest as much as Rs 1 crore in startups.
PointOne has made around 30 investments to date, of which two-thirds happened last year.
It has backed startups such as Tamasha, KahaniBox, Finin, ProtectPay, Kashware, Opmagic, Vahak, SalesBook, ResellMe, ConnectedH, Seekho, Wobb, KIWI and CreatorStack.
The fund’s portfolio is spread across creator economy, gaming, SMB-focussed SaaS products, enterprise SaaS, fintech, health-tech and ed-tech.