Angel-investment platform Inflection Point Ventures (IPV) unveiled on Thursday a $110-million (around Rs 964 crore) angel fund to bet on early-stage startups.
IPV said the fund, which was registered this March, marked the first close in April and has since made one investment, in Cellivate Technologies, a Singapore-based deeptech startup that is developing a cell-based alternative to fetal bovine serum for biotech and pharmaceutical companies. Fetal bovine serum, extracted from bovine fetus, is widely-used in cell culture.
Through the vehicle, IPV will participate or lead investments in early-stage to pre-Series A rounds.
The Category-I angel fund, known as IPV International, is registered under GIFT City’s International Financial Services Centres Authority (IFSCA) framework, according to a statement. The fund has received both the Fund Registration Certificate and the Fund Management Entity (FME) license from IFSCA to operate fully within the city's framework.
"A presence in GIFT City enables us to scale beyond national borders, engage with global startup ecosystems, and remain aligned with the rapidly shifting dynamics of the venture capital and private equity markets," said Vinay Bansal, co-founder and CEO, IPV.
Gurugram-based IPV said the new fund will be sector-agnostic, but will maintain a strategic focus on high-growth companies, without elaborating the sectors. Average ticket size will be in the range of $100,000 to $1 million (around Rs 87 lakh to Rs 8.7 crore).
Bansal said that IPV is seeing strong interest from foreign investors, besides Indians and non-resident Indians (NRIs), who are eager to invest in the country's startup ecosystem. "GIFT City structure makes it significantly easier for them to invest," he added.
The angel investing platform, founded by Bansal, Ankur Mittal and Mitesh Shah, has backed over 220 startups over the years and has exited from 50 companies to date.
It launched its venture-capital firm, Physis Capital, in 2022, which has collected Rs 200 crore for the maiden fund and expects to hit the final close in 2026.
