Aviral Bhatnagar’s ajvc announced that it has successfully closed its first fund at Rs 165 crore, aimed at making pre-seed investments in Indian startups.

The company originally aimed to secure a Rs 100 crore inaugural fund, which it finalized in March this year.

The fund garnered significant interest, securing Rs 200 crore in commitments from international limited partners and family offices, but chose to limit the total fund size to Rs 165 crore.

In March, founder Bhatnagar indicated that the sector-agnostic fund was oversubscribed past its target and is contemplating using the green shoe option.

"We sincerely appreciate our LPs for their confidence. The fund experienced a substantial oversubscription, yet we opted for discipline, finalizing at approximately Rs 165 crore. India is experiencing an unprecedented surge of new entrepreneurs. Achieving their goals necessitates that venture capital functions at a completely different speed,” stated Bhatnagar.

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ajvc, which started its fund in September of last year, has succeeded in attracting investments in only nine months. The company reports that it has obtained more than 11,000 applications from founding teams and has already supported 25 startups in the fields of artificial intelligence and consumer technology. The venture capital firm intends to back 60-70 more startups in the years ahead.

As stated on the company's website, its portfolio features Bengaluru-based TruFides, which is developing AI agents for compliance tasks; Guwahati-based Chop Finance, a generative AI platform targeting finance and accounting experts; and Ranchi-based Mithila Foods, a digital-first FMCG brand focused on delivering the genuine flavors of Bihar to contemporary homes.

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"At ajvc, we are creating a modern investment company, where technology enhances thorough research, facilitates easier fundraising, and provides scalable assistance. Our goal is clear: to support countless founders while remaining steadfastly dedicated to them," the founder stated.

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In addition to funding, ajvc assists its portfolio companies in accessing a robust network, organized resources worth Rs 4 crore, and community-driven initiatives aimed at unlocking customers and peer assistance.

The company claims that several of its portfolio businesses have quickly progressed from startup to achieving annual revenues of Rs 2 crore to Rs 3 crore within just a few months post-funding.