Finvolve closes maiden funds at Rs 100 crore

Finvolve, a joint venture of India Accelerator and Finolutions, has closed its two maiden funds at a total corpus of Rs 100 crore, founder Apoorva Vora told ET.

The Gurugram-based angel investment firm curates a deal flow of startups to wealth managers, for them to be able to make returns for their clients.

Finvolve aims to invest a minimum of Rs 25 lakh in sector-agnostic startups, about 25-35 in number, Vora said. Both the maiden funds are Alternate Investment Funds category-1 in structure.


“We intend to be a solely B2B player in the angel investments space, raising capital only from the wealth management community… wealth managers understand the risk profile of the end investor the best and they have access to large client families,” Vora said.

Finvolve works with about 100 wealth managers across the country. The firm was incorporated in July 2022, and started operations in December 2022 with about 11 syndicated deals.

Between the syndicate and the funds, the company has 21 investments including those at companies such as electrical motorbike maker Matter and ridesharing platform Advance Mobility.

Finvolve also plans to launch three other funds, one of which includes a Gift City domicile, Vora said. “We will have three funds – accelerator fund, seed fund that is category-1 angel fund with domestic and Gift City variants, and scale fund that is category-2 for pre-IPO companies.”

The accelerator fund will invest in 60-65 startups, whereas the seed fund will invest in 20-25 startups, he added. The scale fund will be a Rs 40-crore fund, which will invest in 6-8 late-stage companies that are ready to go public.