Venture Catalysts, which claims to be India’s first seed investment platform, has secured $500,000 from Zaffiro Ventures.
With this funding round, the firm is now valued at Rs. 40 crore during the investment process, marking a major landmark in the six months of its operations.
Speaking on the investment, Apoorv Ranjan Sharma, Co-founder, Venture Catalysts, said,
Our aim, ever since our launch, has been to support and augment the growth of promising start-ups across the country. The investment from Zaffiro will not only help us in expanding tomultiple cities across India and promote entrepreneurship beyond the metropolitan and tier-1 geographies, but will also allow us to access industry insights and business acumen gained by individuals such as Revathi Roy and Jagdish Gothi. This will add great value to our business approach and allow us to reach newer heights.
The platform recently expanded its operations to Surat. It will now be looking to establish its physical presence in five cities in 2016 with an aim to expand to five more cities in the next two years.
There are already over 600 angels as a part of its investor network. It is now looking to add 100 new angels in the next few months. Typically, the firm invests $1,00,000-2,50,000 in very early stage startups.
Venture Catalysts is currently focused on Internet of Things, Artificial Intelligence, ad-tech, virtual reality, education, e-commerce and retail so far.
Revathi Roy, Co-founder, Zaffiro Ventures, said,
After interacting with VCats founders, we learnt how building a robust, end-to-end ecosystem to support and nurture new-age tech businesses can help raise the innovation quotient of the country. With the company already creating major disruption in the way start-up investment and support in the country is approached, it made more sense to integrate with their effort instead of reinventing the wheel by creating a completely new platform.