India’s Weave Capital unveils inaugural $75m fund: report

• The fund will be used to invest in start-ups raising seed to Series B rounds
• Weave Capital is the venture arm of SPVH group
• The fund expects approval from the Securities and Exchange Board of India

India’s Weave Capital has launched its $75 million venture fund, reported the Economic Times. The target for its first close is $20 million.

Weave Capital is the venture arm of SPVH group, a global investment and holding company with different verticals and business interests.

The fund will be used to invest in start-ups looking to raise seed to Series B funding. Each investment will range between $1 million to $5 million.

Weave Capital is seeking to build a portfolio of 15 to 20 startups with an average ticket size of $3 million to $3.5 million.

“Our intent is to build inroads and ascend our position in the new shoes of venture investing,” Managing Partner Karan Gupta told the Economic Times. “We firmly believe that our relationships, experience, and capabilities will enable the portfolio to succeed.”

The fund has filed category II AIF registration and is currently expecting approval from the Securities and Exchange Board of India soon.