Weave Capital, a new venture capital firm, said Tuesday it is launching a multi-stage VC fund and is aiming to garner as much as $100 million including a greenshoe option of $25 million.
Weave Capital is a venture arm of SPVH Group, an investment and holding company with different verticals and business interests. The fund’s General Partner is Sujay Prakash, who is also the ultimate beneficial owner of SPVH Group.
Prakash had previously floated two ventures – Econote and Prescientech Innovators.
The VC firm said it has filed for category II AIF registration with the Securities and Exchange Board of India and is expecting approval soon. Locally registered AIFs can float their funds only after they are registered with SEBI.
Weave Capital will be structured as a sector-agnostic fund with an inclination for technology-enabled businesses. It is aiming for its first close at $20 million.
The firm said it will participate and lead investments in startups intending to raise funding between seed+ to Series B stages.
The fund plans to commit a cheque of $1-5 million across different stages of the portfolio company. It aims to build a portfolio of 15-20 startups with an average ticket size of $3-3.5 million.
The fund is led by managing partner Karan Gupta. He has previously worked at Lodha Ventures and earlier led the corporate finance practice at BDO India LLP. Early on in his career, he had also worked at local investment bank Singhi Advisors.