Industry veterans to venture out with SamVed VC with $50 million corpus
Amit Srivastava, a former investor at Ray Dalio's Bridgewater Associates, the world’s largest hedge fund, has come together with LetsVenture’s Shanti Mohan, former Info Edge executive Vivek Khare and Silicon Valley-based Gagan Saksena, to launch early stage venture capital fund SamVed, targeting a corpus of $50 million.
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The fund will focus on backing startups across sectors such as financial services, healthcare, agritech, ecommerce, upskilling and ecommerce that are building for the socioeconomic group called India Two, which makes up the middle-income serving class.
The firm will write cheques ranging from $80,000 to $120,000 for early stage startups and $250,000 to $1 million for pre-Series A rounds.
SamVed, which has already backed three startups, is looking to make its inaugural fund’s first close at $20 million by March. This includes ventures building solutions for unorganised food vendors, a firm making smart vending machines with a focus on tier-II and tier-III cities, and a software platform for textile businesses.
“As a group, we have been co-investing for the several years, and our goal has been that we want to think about economic opportunities in India Two, which is the middle-income aspiring cohort,” Srivastava, who is the firm’s managing partner, told
