5ideas Startup SuperFuel announces first close: Aims to manage a 60 crore fund
5ideas Startup Superfuel is a seed stage fund that was launched later last year by Pearl Uppal and Gaurav Kachru. 5ideas aims to raise a fund of INR 60 crores and today, they have announced the first closure. About 25% of the fund has been raised and the team will be investing in startups at a frequency of one a month.
“We got more than 300 applications since the announcement and we’re in the process of closing our first investment,” says Gaurav Kachru after the closure of their fund. 5ideas will be investing in companies along with their fund raising activities and are interested in companies that are led by internet/mobile distribution with large addressable markets.
Startup Superfuel will invest between 25 lakh to 1.5 crore in a startup, with the ability invest to upto Rs 2.5 crore in follow-on rounds.
Pearl Uppal brings with her 13 years experience of building startups and high growth businesses in the Internet Industry across media and commerce while Gaurav Kachru is a veteran in building young businesses across sectors and has spent over 12 high growth years in General Electric & other Fortune 100 companies before moving to the digital sector and cofounding dealsandyou.