Venture capital firm Blinc Invest expects to operationalise a Rs 100-crore Sebi-approved fund, which it plans to invest in six startups in the next two to three years.
The firm has approached Sebi for the approval of the fund and raised Rs 30 crore in funding, Blinc founder and Managing Director Amit Ratanpal said.
“We have closed raising of Rs 30 crore and expect to operationalise the entire Rs 100 crore in next six to seven months. We will focus on investing in financial and education technology companies,” Ratanpal said.
This is the second corpus that Blinc Invest has announced which it plans to invest in only a total of six startups.
“We have had more than five times return on investment under Blinc portfolio 1, which we invested from our balance sheet. We are about to exit from the fourth and last venture with 7-8 times return in which we invested under Blinc 1.
“Under Blinc 2, we will keep our portfolio focussed towards fintech and edtech companies. We will invest in 5-7 companies, ideally six companies, in the next two to three years,” Ratanpal said.
Blinc will invest Rs 100 crore in startups that have revenue of at least Rs 1-2 crore, and its product is operational.
Ratanap said Blinc 2 has already committed Rs 30 crore investment that it has raised.
“We are also looking at digital and neo banks. We are closely watching development in this space,” Ratanpal said.
Earlier in 2018, Mumbai-based Eduvanz Financing Pvt. Ltd, which provides loans for skill development, had raised $500,000 (Rs 3.21 crore) in an angel round of funding led by venture capital firm BLinC Management Advisors Pvt. Ltd.
Eduvanz uses proprietary artificial intelligence-based algorithms and predictive analytics to collate financial and socio-economic data to make lending easier. It added that it will use the funds to strengthen its loan appraisal technology and expand its operations across India.
(Disclaimer: Additional background information has been added to this PTI copy for context)