Early-stage venture capital firm Inflexor Ventures, which has backed the likes of Atomberg and Bellatrix, has hit the first close of its Opportunities Fund at Rs 280 crore, which is 80% of its Rs 350 crore ($41.5 million) target.
HDFC AMC Select AIF FoF (Fund of Funds) I Scheme managed by HDFC AMC is the top limited partner in the fund.
The fund, launched six months ago, also raised capital from new LPs including HNIs, family offices, corporates, and other institutions. Its final close is expected by the end of the month.
Inflexor said it has also sold assets from its first fund generating liquidity for its LPs including Sumankant Munjal Family Office and IDFC Ltd.
Inflexor’s fundraising efforts come amid a notable uptick in venture capital activity in India’s PE and M&A space. In August, Neo Asset Management, part of the Neo Group wealth management startup, began discussions to acquire stakes in select portfolio companies of Peak XV Partners (formerly Sequoia Capital India & SEA).
Inflexor is a sector-agnostic technology fund that aims to invest primarily in B2B/enterprise startups leveraging deep tech, technology IP and innovation. The focus sectors for the fund include fintech, healthtech, consumer tech, agritech and spacetech.
Part of the target corpus of the Opportunities Fund can be allocated over the next 3-5 years to maintain or increase stake in portfolio companies, the firm said.
Inflexor closed its second fund at Rs 600 crore in 2020 (which was $80 million then). It is currently deploying from the second fund. It has also exited one of its second fund’s portfolio companies Steradian Semiconductors to a Tokyo-listed strategic Japanese company.
Its portfolio companies include PlayShifu, Entropik, and Singularity.
