 firm Dallas Venture Capital (DVC) has broadcast the first close of its INR 350 Cr){kind=link}
The Dallas Venture and Hyderabad-based venture capital (VC) firm Dallas Venture Capital (DVC) has broadcast the first close of its INR 350 Cr India-focused endowment for enterprise tech startups.
While it has raised INR 110 Cr as a fragment of its first close, the VC firm plans to close the entire trust in the next 4-6 months. The B2B enterprise tech fund has an avocado shoe option of INR 140 Cr and strategies to devote to 15-18 startups over four years.
Talking to Inc42, Fund Partner at DVC Kiran Kalluri said that the account was operating in the state mode and has now participated in the fundraisers of as many startups.
The fund has so far been devoted to five homegrown enterprise tech startups over the previous 12-14 months. These include upskilling platform Disprz, anti-money dry-cleaning startup IntelleWings, transaction nursing platform VuNet, enterprise tech player BluSapphire, and video-based auctions startup Hippo Video.
Within normal ticket size of $2 Mn to $5 Mn, the cross-border fund is largely attentivetongrowth-stagee startups that have produced revenues upwards of $500K.
Within a normal ticket size of $2 Mn to $5 Mn, the cross-border fund is largely attentive to growth-stage startups which have generated proceeds upwards of $500K.
The fund was proclaimed at a public event in Hyderabad which appeared by Telangana Information Technology Minister K T Rama Rao, DVC cofounder and managing director Dayakar R Puskoor, DVC cofounder and director Abidali Neemuchwala, and extra senior bureaucrats.
“2023 is going to be a tough macro-economic situation, but global enterprises are at an early stage of the digital change journey. Hence, at DVC, we are very hopeful about startups helping enterprises digitally transform and solve real-world problems for them. We aim to help these startups scale their growing and reach a global forum of investors and counsellors,” said DVC‘s cofounder besides executive Abidali Neemuchwala.
At the event, the venture capital firm also contracted a Memorandum of Understanding (MoU) with Hyderabad-based invention hub T-Hub to mentor local startups. Done the partnership, the selected startups will get admittance to the VC firm’s experts, networks, and resources. According to T-Hub, the MoU will help the originators increase their efficiency and rule their businesses.
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