StartupXseed Ventures closes Fund II at Rs 243 crore

Venture capital firm StartupXseed Ventures on Monday announced the final close of its Fund II at Rs 243 crore commitment, which was 20 per cent more than initially targeted.

Along with top family offices and corporates, the fund saw participation from its Fund I investors, most of whom doubled their commitment.

StartupXseed has invested in companies such as DarwinBox, CloudSEK, Bellatrix and AUS (Aarav Unmanned Systems), among others.

"Having expertise in the B2B segment, we have helped founders to gain commendable success and our average markup of past investments is more than 6 times.
 
Couple of Fund II LPs doubled their commitment at final close after witnessing similar growth indicators on Fund II portfolio," StartupXseed Managing Partner BV Naidu said in a statement.

StartupXseed is looking for startups with forward innovations in technologies related to cloud migration of brownfield projects, AI-led workflow automation, energy storage technologies for quick discharge applications, cybersecurity, AI-led e-commerce enablers and others disruptive technologies in respective markets.

"The typical first cheque size will be between Rs 5 crore to Rs 12 crore," the statement said.

Fund II plans to add 8 to 10 more startups in the next 12 months.