Financial services firm Equirus launches $25M fund to back seed-stage tech startups

Mumbai-based financial services firm Equirus has launched a $25-million investment vehicle, Equirus InnovateX Fund, to back seed-stage technology startups.

The fund will be managed by Sunder Nookala, who previously managed the technology and digital business at Equirus, and Sadhika Agarwal, who was the co-founder of Sudo Foods and is an investment banker by training. 

Equirus InnovateX Fund will invest an average cheque size of $500,000 to $1 million across 15 to 20 seed-stage startups in the sectors of SaaS, deeptech, fintech, and others. The fund will mainly focus on business-to-business propositions. 

“Post 2022, there has been a discernible shift in investment approach. We expect this recalibration in venture investing to continue. Capital deployment will remain cautious and favour sustainable business models with robust monetization potential,” said Sunder Nookala, early stage venture capitalist and Head of Tech and Digital at Equirus. 

“We believe that Equirus InnovateX Fund is more than just a financial investment; it's a strategic partnership aimed at catalysing innovation, fostering growth, and contributing to the success stories of the next generation of tech leaders,” he added.

The fund will also help portfolio companies with strategic counsel, governance assistance, and building sustainable enterprises. 

Equirus Group offers full-stack financial services such as investment banking for corporate banking solutions for corporates, structured finance, private equity, M&A, insurance broking services, and wealth products and portfolio management.