Dallas Venture secures Rs 60 Cr from Self Reliant India Fund and NewcrestImage
The firm will use the funds to help accelerate the growth of micro, small and medium enterprises (MSMEs).
(DVC), a cross-border venture capital firm, has received commitments of Rs 60 crore from Self Reliant India (SRI) Fund and NewcrestImage. It received funding of Rs 40 crore from Self Reliant India (SRI) Fund and Rs 20 crore from Newcrest and its partners.
The firm will use these funds to help accelerate the growth of micro, small and medium enterprises (MSMEs), helping to build and strengthen the overall economy and maximise employment opportunities, according to a statement.
The SRI Fund is a fund of funds established as a scheme of NSIC Venture Capital Fund Limited, a wholly-owned subsidiary of The National Small Industries Corporation Limited and managed by SBICAP Ventures Limited.
Founded by Dayakar Puskoor, DVC is a venture capital firm based in Dallas, Texas, and Hyderabad, India that invests in cloud infrastructure, B2B SaaS, AI/ML, mobile, XR and other emerging technologies.
DVC says it bridges two startup ecosystems—India and the US. It offers both capital and business guidance to its portfolio companies.
It has already invested in MSMEs such as (an AI-powered enterprise learning experience and upskilling platform), (innovative AML/CFT compliance solutions), (AI/ML and analytics-enabled cybersecurity platform), , a next-gen visibility and analytics company using full-stack AI and big data, to accelerate digital transformation across the enterprise; and Hippo Video, a platform powered by AI to create persuasive sales videos to drive engagement and convert.
Over the next few years, DVC is committed to deploying nearly Rs. 1,000 crore ($125 million) to help MSMEs across sectors scale globally.
NewcrestImage is a privately-held family office investment firm based in Dallas. It has invested more than $2.7 billion in 148 cities across the hotel, real estate and technology-based startups.
Edited by Affirunisa Kankudti