On Tuesday, Mumbai-based investment management company, Artha Group of Companies, announced the opening of Artha Select Fund, or ASF, a Micro Venture Capital (VC) fund of INR 450 Crore.
The company has secured funding from some investors, including Sat Industries Limited, Rajiv Lakhotia (Partner at Shree Karni Fabcom LLP), Jashvant Raval (Owner and Principal Partner at JCR & Co), Varun Bansal (Director at Jayashree Polymers Pvt Ltd), Narendra Karnavat (Partner at Karnavat and Company), Abhinav Sinha (Global Head Technology and Telecoms at CDC Group plc), Kirloskar Family Office, Madhusudan Kela’s family office, and many more.
The company will contribute to follow-on funding rounds of the start-ups in its portfolio using the Artha Select Fund (ASF). The Micro VC fund would invest up to INR 20 Crore in firms where Artha Group is thus far an investor in the Series B fundraising round and INR 20 crore more in the Series C fundraising round. Using this, about 12 to 14 start-ups will receive funding. According to an announcement from Artha Group, the fund’s 1st close and 1st investment will be disclosed soon.
Anirudh A Damani, ASF’s Managing Partner, said that early-growth funding rounds present a fantastic chance for investors to support founders at a turning point in their ventures. With Artha Select Fund, they will give their founders more autonomy to pursue better business standards in terms of revenues, profitability, and Positive Unit Economics.
In June 2021, the final close of Artha Venture Fund (AVF), which is Artha Group’s Venture Capital (VC) and private equity firm, revealed that it had raised more than INR 225 Crores, which is more than its original target of INR 200 Crore. By now, the Micro VC fund has made around 27 investments totaling over INR 3,600 crore in value.
Artha Select Fund’s umbrella company, the Artha Group of Companies, has invested in over a hundred start-ups in countries like the United States, India, Israel, the United Kingdom, and Africa. A few of these start-ups include Purplle, OYO Rooms (or OYO Hotels and Homes), Rapido, Leverag Edu, Chai Break, ICON, Mobilewalla, Tala, CoutLoot, and Karza Technologies Private Limited.