Angel investor Sanjay Mehta has announced that he has made plans to invest in 100 new startups in a year through his new venture capital firm 100X.VC. The Angel investor has already invested in more than 130 startups.
The Mumbai based venture is planning to fund around 20 startups by September. Sanjay Mehta quoted, “ The time has come for us in India to make a huge leap in investing in startups, using globally successful models that will lend depth and scale to the VC industry.
When startups become part of the 100X.VC ecosystem, they will get all that they truly need. For us investing in 100 startups over the next 12 months is just the beginning”.
The venture will also be the first capital firm to make use of iSAFE - India SAFE Note for funding startups. iSAFE stands for India Simple Agreement for Future Equity and is an alternative to a convertible security note. It is a modified version of the convertible security note that is already in existence in other countries and has been customized for India.
The venture has stated that the main objective of introducing this is to avoid the tedious process of legal agreements and to enable quick closure of deals.
Ninad Karpe, Partner at 100X.VC has stated that they aim to support the startups beyond funding in terms of creating stability. The venture is planning to invest in startups across different sectors and the investment for each startup ranges from $30,000 to $140,000. Ninad Karpe quoted, “100X.VC is truly a game-changer.
I am delighted to be part of this exciting journey of funding startups in India using a unique model..” The venture has been approved for Category 1 - Alternate Investment Fund License and Investment Advisor License and are ready to commence their operations.
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