Venture capital advisory firm, Chiratae Ventures on Wednesday said it has launched an initiative with a guarantee of 48-hour turnaround time on seed fund pitches for investments less than or equal to USD 500,000 (about Rs 3.7 crore) with an aim to accelerate and democratise the fund-raising process for founders. In order to make fund-raise more seamless and accessible for founders, the company has also introduced a templated application form and a dedicated website for the initiative named Chiratae Sonic — the 8th seed investment program rolled out by Chiratae.
Moreover, Amazon Web Services (AWS) is a key collaborator in the Chiratae Sonic program and will offer credits up to USD 100,000 per eligible startup through the AWS Activate program, Chiratae Ventures said in a statement. The AWS Activate program provides resources like AWS credits, business mentorship, and technical support to help early-stage founders build and scale successful businesses. The Chiratae Sonic initiative will be rolled out in phases with the first phase going live on Wednesday and applications under Chiratae Sonic will be accepted for the next 30 days, the company said.
“One of the biggest challenges an early-stage entrepreneur faces is the tedious and time-consuming process behind raising capital. We believe innovation needs to be at the core of why and how founders interact with investors,” Founder & Chairman Sudhir Sethi said. He further said, “by solving and simplifying the ‘how’ of that conversation Chiratae Sonic strives to empower founders to focus on innovation above all.”
Stating that the Chiratae Sonic initiative entails standard investment terms for equity investments, the venture capital firm said diligence for all investments under the initiative will be completed rapidly and remotely with trusted partners. Chiratae said it remains focused on investing in startups with technology at the core, irrespective of end-use application in dynamic industries like consumer tech, enterprise tech/SaaS, fintech, health-tech, edtech, and agritech among others.