Axilor Ventures launches new $100M fund to back early-stage startups

Bangalore-based seed fund Axilor Ventures has announced its plans to launch its second fund Axilor Technology Fund II (ATF-II).

ATF II will have a total corpus of INR 770 crore ($100 million) and is almost four times the size of the first fund.

The fund will continue to look at emerging opportunities in enterprise SaaS, B2B commerce, agritech, consumer tech, fintech, and health-tech. It will have a longer tenure allowing it to stay longer in companies and has a higher follow-on reserve.

The fund will also set aside 30 per cent of the new corpus for investing in ten to 12 winners from its first fund.

Axilor Technology Fund I, launched in 2018, has invested in 54 startups. ATF I has a follow-on rate of 75 per cent+ with 21 startups having already crossed Series A and beyond. Its portfolio companies include Detect, Enkash, Headfone, Locofast, Loco, Medfin, Niramai, Urban Piper, Vyapar, and Wiz.

Co-founder and CEO Ganapathy Venugopal said: “There is no better time to invest in innovation coming out of India. We have built a well-respected brand among founders and VCs. With our first fund, we have demonstrated our deep engagement model and a programmatic approach that predictably delivers better outcomes for startups. We hope to extend the same commitment and disciplined approach into our next fund to help entrepreneurs build valuable companies.”