Founders need business direction, mentoring, and lots of preparation before scaling up. They need a team that believes in their dreams and helps them scale, grow, and succeed every step of the way. With a goal to become the coach, strategy consultant, business mentor, and trusted advisor of early stage startups, 100X.VC, a Mumbai-based venture capital firm, has invested $2.3 million in 15 startups that make up its 10th cohort. This fund utilised iSAFE (India Simple Agreement for Future Equity) notes to make investments in these startups. The use of iSAFE notes began in 2019; it has since become a popular investment instrument for early-stage startups in India.
An iSAFE note is a financial instrument that allows an investor to make a cash investment in a startup in exchange for a convertible security. It is important to note that an iSAFE note is not a debt instrument; rather, it represents a future equity stake in the startup.
100X.VC claims to be the first venture capital firm to startup the trend of investing in early-stage startups in India using iSAFE notes. The firm has invested approximately Rs 1.25 crore per startup, as stated in their announcement.
“We are thrilled to announce our newest cohort, Class 10, consisting of 15 innovative startups. With these additions, we have now invested in 142 early-stage startups spanning diverse sectors. We firmly believe that India’s early-stage startup landscape has many game-changers, and the startups of Class 10 epitomise these promising opportunities,” Ninad Karpe, Founder and Partner, 100X.VC, said.
The announcement of the new set of portfolio companies by 100X.VC took place during an in-person VC Pitch Day held in Mumbai. This event brought together a diverse audience of more than 400 investors. These investors included high-net-worth individuals, family offices, venture capital funds, and corporations.
About 100X.VC and the selected startups
Led by the expertise of founders Ninad Karpe, Sanjay Mehta, Shashank Randev, and Yagnesh Sanghrajka, 100X.VC is the first VC to invest in early-stage startups using founder-friendly India SAFE Notes. The venture capital fund operates on a class-based investment model and invests in startups spanning various sectors, including Fintech, B2B SaaS, ClimateTech, RegTech, HRTech, and ConsumerTech.
In its 10th class this year, 100X.VC selected 15 startups for funding after initially shortlisting 450 companies from a pool of more than 2,000 applicants. These portfolio companies are located in nine different cities, including Mumbai, Bengaluru, Delhi, Pune, Ahmedabad, Hyderabad, and Gurgaon.
The 15 selected startups include Arthum, Bepure, Buckmint, Cutbox, Dailybee, Datavio, Flabs, Hatchfast, HYRGPT, JoySpoon, MiClient, Offside, Sprentzo, THAP, and Wastefull Insights. Since its launch in 2019, 100X.VC has now invested in a total of 142 early-stage startups, including Class 10th.
According to the company, post-investment, the startups become part of an experienced set of VC partners who have unparalleled access to a network of investors in India and across the world to help raise capital to scale up. The fund spends more than 100 hours on mentorship to help the latest portfolio ventures before announcing them at the VC Pitch Day.
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