Serial investor Sanjay Mehta led 100X.VC has announced 11 early-stage startups that will be part of the fund’s Class 04. The 11 startups were shortlisted from 1,715 applications, of which 446 had passed the initial screening processes.
This new batch of startups brings the current tally of 100X.VC’s portfolio to 50 spread across four batches. The fund had announced the first batch in December 2019 with 20 early-stage startups, followed by 9 startups in Class 02 and 10 startups in Class 03.
The firm uses India Safe notes or iSAFE notes (India Simple Agreement for Future Equity) for these investments. iSAFE notes are an alternative to convertible notes used for investments. They involve greater scrutiny. The method allows an investor to make cash investments in return for a convertible instrument to buy shares in a future priced round.