When covid-19 began spreading rapidly in India in March, Sanjay Mehta deferred his fund 100X.VC’s second batch of startup investments. It was essential to first figure out how the firm’s existing portfolio would cope with the pandemic.
As lockdowns stretched far longer than what he had initially assumed, 100X.VC reluctantly drew up a new deal-making process. Mehta and his colleagues would do up to eight Hangout calls with entrepreneurs instead of the one or two meetings they would have done in the past. They would conduct far more extensive background checks on founders including checking credit scores, and ask for tax compliance proof.
In this way, Mehta’s team has finalized about 10 new deals, all with entrepreneurs they have never met in person.
Read more at: Return of the rumble in the VC jungle
Published on: September 22, 2020