Alphatron, based in the United States, aggregates capital from US-based investors and subsequently serves as a limited partner for venture capital (VC) and private equity (PE) firms focused on India, investing in domestic startups. The VC firm's fund will primarily target startups in sectors such as Software as a Service (SaaS), financial technology (fintech), health technology (healthtech), artificial intelligence/machine learning (AI/ML), digital content, and direct-to-consumer (D2C).
Founded by Suresh Vaswani, Karan Negi, Sudhir Pai, and Vishwesh Pai, Alphatron has closed its inaugural fund at $30 million (approximately INR 249 crore), which surpassed its initial target of $25 million (around INR 207 crore) by 20%, indicating strong investor interest. Alphatron aims to offer its US investors access to a diverse range of Indian tech companies while reducing entry barriers.
Vaswani, a founding partner of Alphatron, expressed enthusiasm about serving as a conduit for US-based investors to engage in India's technological advancements and growth opportunities in the coming decades.
Alphatron conducts thorough due diligence on its target funds and seeks out technology-focused funds and co-investment opportunities. The firm has already invested in 11 funds, including Blume, 3one4 Capital, Chiratae Ventures, and Speciale Invest, and has made five special purpose vehicle (SPV) or co-investments.
This announcement coincides with a period when many VC and PE firms are actively raising capital despite the ongoing funding constraints. Cedar Capital recently announced the initial closing of its INR 240 crore FinTech Venture Capital Fund, while B Capital, led by Facebook co-founder Eduardo Saverin, closed its 'Opportunities Fund II' at $750 million, primarily targeting follow-on investments in its existing portfolio companies in North America and Asia.
According to Inc42's Startup Investor Landscape Report 2023, Indian VC firms raised over $11 billion and invested around $9.4 billion in 2023, underscoring the robust investment activity in the Indian startup ecosystem.
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