Equirus InnovateX Fund (EIF), a pioneering early-stage venture fund dedicated to fostering tech innovation, has achieved a significant milestone by announcing its first close within a mere two months of securing an AIF (Alternative Investment Fund) Category-I license from SEBI (Securities and Exchange Board of India). Having recently unveiled the Fund less than a month ago, EIF has swiftly garnered participation from a cohort of distinguished Ex-Founder/Operator HNIs (High Net Worth Individuals) / UHNIs (Ultra High Net Worth Individuals).
With the first close successfully secured, the fund is poised to make strategic investments in at least two companies within the next month, in alignment with its mission to accelerate innovation in the tech startup ecosystem. “This first close of EIF underscores the vibrant synergy between visionary founders and supportive investors,” commented Sunder Nookala, Early-Stage VC, and Head Tech & Digital at Equirus. “We are thrilled to capitalize on this momentum to identify and nurture the next wave of tech disruptors, driving positive transformation across various sectors.”
Echoing this sentiment, Sadhika Agarwal, Early-Stage VC at Equirus, remarked, “We have been encouraged by the enthusiastic participation from successful tech entrepreneurs and operators who have built and scaled businesses. This reinforces our commitment to investing in and empowering businesses in a manner that adds genuine value to our investments and contributes meaningfully to the ecosystem.” In the upcoming year, EIF aims to make 15–18 strategic investments, leveraging its Rs 250 crore fund to drive growth and innovation in the tech landscape.
Aligned with its previous announcements, EIF will continue to focus on investment themes such as Software as a Service (SaaS), Deep Tech, Fintech, and other burgeoning sectors, with investment ticket sizes ranging from Rs 4 to 8 crore. Furthermore, the fund plans to allocate 30-40% of its capital for follow-on rounds, ensuring ongoing support for portfolio companies as they scale and expand. EIF, spearheaded by founders Sunder Nookala and Sadhika Agarwal, brings a wealth of expertise and a proven investment track record to the table.
Sunder, a seasoned serial entrepreneur and active angel investor, achieved notable success with the acquisition of his venture, Kwench, by US-based O.C. Tanner. Meanwhile, Sadhika founded Sudo Foods, a leading consumer brand specializing in quality plant-based alternatives. Ankur Punj, National Sales Head at Equirus Wealth, emphasized, “There is a growing appetite among High Net Worth Individuals (HNIs)/Ultra High Net Worth Individuals (UHNIs) and institutional clients for early-stage Alternative Investment Fund (AIF) strategies as a means of diversifying portfolios and generating alpha in returns.”