Fund News
Early-stage VC firm First Cheque closes second fund at Rs.38-Cr
Bengaluru-base early-stage venture capital firm First Cheque has closed its second fund at INR 38 crore. The VC firm plans to invest in around 50 startups in the next 18 months. The closure of its second fund takes the firm's total assets under management (AUM) to INR 90 crore. Founded in 2008 as an entity under the umbrella of India Quotient Venture Capital, First Cheque is a pre-seed stage VC Firm with its limited partners largely comprising global family offices across India and Singapore. The company has backed software developing startup Kaching, e-commerce startup Mall91 and edtech platform Seekho, among others. The fund used to operate as an Angellist syndicate through which it has invested in around 100 startups over the past three years. The fund house follows a standard process of investing USD 100,000 at a USD 2 million valuation for any early-stage and pre-seed stage startup.
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