Mumbai-headquartered micro VC fund 100X.VC is on a mission to turn startups that are in their extreme early stages into enterprises that are ready for serious financing.
100X.VC was founded in mid-2019 by veteran angel investor Sanjay Mehta, who has backed more than 100 startups since 2011, along with Yagnesh Sanghrajka, Ninad Karpe, Shashank Randev, and Vatsal Kanakiya. The firm writes seed-stage checks for rookie founders, and mentors them to raise the next round of funding.
However, what separates this micro VC from other backers of early-stage startups is that it has come up with a new investment instrument: the firm puts money in startups and takes equity after the companies raise larger rounds.
In an interview with KrASIA, Sanghrajka, founder and chief financial officer at 100X.VC, said the VC aims to have 100 startups in its portfolio by the end of this year. It expects no less than 20-fold returns from its portfolio companies.