Sphiticap launches USD 500 mn maiden VC fund

India-focused venture capital fund Sphiticap has launched its maiden fund with an investable corpus of USD 500 million.

The early-stage fund will support enterprises that align with sustainability, growth and impact, Sphiticap said in a statement. The fund will identify companies in the cleantech, fintech, deep tech, agritech, proptech, SaaS, digital media, consumer tech, logistics and supply chain, managing partner Pallav Kumar Singh said.

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Another managing partner Mayank Mehra said there is a growing need for funds that can enable entrepreneurs from beyond the metros. “Currently, our portfolio pipeline has funding up to USD 15 million with no upper limit. There are a lot of promising startups that we are vetting and excited about working with such companies,” it said. Founded earlier this year, Sphiticap is primarily investing in 10 sectors.