With the second fund at a valuation of over 600 crores, above its initial domestic target of 500 crores, Inflexor Ventures, an early-stage venture capital firm, stated that it has announced its final close.
The Inflexor Technology Fund was originally offered in early 2020, and its first closure occurred in August 2020, with a valuation of 230 crores.
Inflexor intends to invest primarily in business-to-business (B2B) enterprise companies that are using deep technical skills and addressing issues for both domestic and global markets after the final close. Along with investing in space technology, it will also consider health tech, consumer tech, fintech, and agritech.
The fund is planned to invest in businesses in pre-Series A through Series B rounds, with first checks ranging from $5 million to $20 million. Inflexor expects to make follow-on rounds in its portfolio following the final closure, depending on how well they perform.
“We started the fundraiser during the first wave of covid-19 last year and did the final close during the second wave. Despite the tough conditions, we are happy that we exceeded our domestic fund corpus target. While the pandemic posed serious challenges globally, it has also acted as a catalyst for technology-based automation and digitization efforts around the globe, and we hope to invest in startups that will benefit from this trend,” managing partner, Inflexor Ventures, Venkat Vallabhaneni said.
Over the next three to four years with the help of the technology fund, Inflexor plans to invest in 25 businesses. Currently, it is working on two or three late-stage deals.
PlayShifu, a maker of educational toys; Steradian Semiconductors, a maker of artificial intelligence-based surveillance systems; Kale Logistics, a blockchain-enabled logistics company, and Vitra.ai, a content translation platform; and are among the four startups that Inflexor Technology Fund has invested in so far.
In 2015, Vallabhaneni and Jatin Desai, co-founders of Inflexor, previously created their first fund Parampara Capital. With the help of which they sponsored 12 businesses, including Bellatrix, a space technology startup; Atomberg Technologies, a smart appliance maker; and Cloudsek, a cybersecurity startup.
In collaboration with 100X.VC, the venture capital business also announced the establishment of a DeepTech Fellowship programme in March.