FundVice to support startups with Rs 330 crore fund, accelerate 50 deals

Investment banking firm FundVice on Friday said it will support startups in India with a corpus of Rs 330 crore, which includes funding from its new fund Ryoma Ventures.

The company has plans to raise up to Rs 250 crore and accelerate at least 50 deals by 2021-end.

In addition, Fundvice has announced to set-up a sector-agnostic fund with about Rs 80 crore.

"We have seen exciting start-ups that are revenue-generating but what they lack is the right support of investors. Various incubators, accelerators and mentors have been supporting the team of FundVice to support start-ups reach the heights they are at, but still lack investors.

"To support them, we took the decision to start this fund, with the support of everyone, as the next step towards making a dent in the start-up ecosystem," Heena Aroora, Managing Director - FundVice and Ryoma Ventures, said in a statement.

The company said it plans to close this fund soon with its present investors and is also looking at collaborations with other investors and funds.

FundVice is also planning to mop up over Rs 150 crore for startups that are yet to raise funds and are at a very initial stage, and Rs 100 crore for those entities that have established their business process and have raised funds earlier.

"Rs 100 crore will be inclined towards pre-series A and above stage funding," Aroora said.