The fund plans to raise debt investments in approximately 25 Startupswith an average cheque size of Rs 20-25 crore, founder Kunal Wadhwa told ET.
VentureSoul Partners, founded by former banking professionals Anurag Tripathi, Ashish Gala and Wadhwa is a Sebi-registered Category II alternative investment fund (AIF). The firm is targeting capital of up to Rs 300 crore, with an additional Rs 300 crore in investment options in green assets.
VentureSoul has already secured commitments from a diverse group of investors, including family offices, corporations and high-net-worth individuals. Its aim is to back startups that are typically in the Series A phase or later, with established business models and revenue streams.
Pharmaceutical company Micro Labs is the lead investor, with additional participation from corporate investors including Kredibee founder E Madhusudan, Omkar Shirhatti of Perfios, Rupa Group, Glen Appliances, PSN Group, SKM Steels and Zebronics.
The debt investment will have a repayment period of 24 to 36 months, with quarterly payments, Wadhwa said.
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“Three of us are bankers and have experience in credit and lending, and we have seen all kinds of debt and deals. For us, this is an extension of what we have been doing… Also, we have a very strong and diversified group of investors who I think will help us in more ways than just investments,” Wadhva said. VentureSoul expects to finalize its first investment next week, valued at about Rs 20 crore, and aims to close three to four deals by the end of the year. The firm also plans to deploy the entire fund in the next 15 to 18 months.
In 2023, 190 Indian startups raised $1.2 billion in venture debt, a 50% increase from the previous year. Globally, venture debt amounted to $60-65 billion in the same period, according to a report by Stride Ventures.
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