SPVH arm Weave Capital launches multi-stage VC fund

The multi-stage VC fund is being launched by the SPVH group's venture capital arm, Weave Capital, its managing partner, Karan Gupta, said on Thursday. The fund will have a total corpus of $75 million and a green shoe option of $25 million.

In a statement, the company said it will be involved in and lead investments in start-ups looking to raise funding in rounds between Seed stages to Series B capital and aim for its first close at $20 million. The fund will commit a cheque from $1 million to $5 million across different stages of the portfolio company.

Weave aims to build a portfolio of 15 -- 20 start-ups with an average ticket size of $3 -- 3.5 million. The fund will start deploying capital after the first close. The fund has filed for category II AIF registration and is expected to receive approval from the Securities and Exchange Board of India soon, according to the company.

Weave is the culmination of our insights and extensive know-how of the start-up ecosystem. Our team at Weave has led a number of cross sector transactions and growth advisory engagements both in India and overseas. Our goal is to build inroads and ascend our position in the new shoes of Venture Investing. Our team brings together the expertise in Corporate Finance, Strategy, Entrepreneurship, Operations and Fund Management, as well as close association with diverse businesses and funds globally to help these businesses succeed, said Karan Gupta, Managing Partner, Weave Capital.

We firmly believe that our relationships, experience and capabilities will enable the portfolio to succeed. Gupta said that the portfolio's leadership is provided with an integrated ecosystem of technical, operational, business and strategic mentorship, all of which comes with funding.

Sujay Prakash, General Partner at the firm, said that the venture capital ecosystem is changing dramatically. What was relevant a decade ago sounds like a questionable decision today. The next decade will be different and we are still in phases of learning and evolving. The VCs are going beyond what they do to create value and insights driven ecosystems. As for Weave Capital, we need to come out of this standard theme of IRR and exit and start questioning why and beyond Prakash, who is also the UBO of SPVH Group. Our ability to leverage our cross functional business, strategic relationships and in-house experts will play an important role in the success of our portfolio. We are willing to take up opportunities that solve real problems and are demonstrating its need in the start-up ecosystem.