India, June 9 -- Nearly a year after stepping down from the role of the CEO of Mirae Asset Venture Investments (India), Ashish Dave has launched his own venture capital firm to back growth-stage startups.

Called Sanskrit Capital, the Mumbai-based firm is targeting a corpus of Rs.700 Cr to Rs.1,000 Cr for its maiden fund, ET reported, citing sources. The fund will invest in Series B and Series C startups that have achieved product-market fit and are looking to scale.

The report added that Sanskrit Capital will operate as a single general partner (GP) fund and is in the process of obtaining the necessary approvals from SEBI as an alternative investment fund (AIF).

The firm is expected to raise capital from domestic family offices, entrep...