New Delhi, Sept. 25 -- ZeroPearl VC, a micro venture capital firm set up by veteran investor Bipin Shah, has closed its debut fund at about Rs 159 crore ($18 million).
The fund's limited partners include startup founders, global funds-of-funds and select family offices, it said in a statement. Founders have contributed more than half of the capital.
ZeroPearl VC, which was set up last year in October, received market regulator's approval to float the fund in September this year. The fund had a target corpus of Rs 80 crore (around $9 million) and was oversubscribed by 3.5x. It marked the first close this March.
Shah, will lead the Gurugram-based firm as solo-General Partner. He was previously a partner at Titan Capital and has invested in more than 250 companies over 14 years. His portfolio included firms such as personal care brand Mamaearth, debt-resolution platform Credgenics, video editor InVideo, jewellery brand Giva, and online marketplace CityMall, along with notable outcomes such as personal care brand Beardo (acquired by Marico), wellness products maker Oziva (acquired by HUL), and delivery service SuprDaily (acquired by Swiggy).
"Starting over again wasn't easy, but this fund is both a fresh beginning and a tribute to the founders who dared to take early risks on themselves. Zeropearl VC is built to back the next wave of leaders shaping India's future," said Shah.
Through the fund, ZeroPearl plans to back 45 startups across sectors. So far, it has invested in 20 companies including sneaker brand Gully Labs, home-based oral-care provider Cura Care, pain-care focused wellness brand Zanskar, and retail fashion trial service Tryo.
It intends to back startups across the pre-seed and seed stages. The cheque size will range from Rs 1 crore to Rs 6 crore (around $110,000 to $680,000). The firm did not disclose details for follow-on allocation.
Published by HT Digital Content Services with permission from VC Circle.