The first close of Veda VC's Rs 250 crore ($30 million) fund has been announced, with Rs 150 crore ($18 million) being the amount rose. Veda VC is an early-stage venture capital fund with offices in Bengaluru. High-net-worth individuals, company founders and operators, and family offices have all invested in the fund.

Veda VC plans to invest between $250,000 and $1.25 million in startups operating in the consumer internet, software-as-a-service (SaaS), fintech, and deeptech sectors.

Veda VC seeks to target a portfolio distribution of 25 percent in SaaS and consumer technology, thirty percent in deeptech, and 20 percent in other sectors, with nine financing deployments already completed. By December 2023, the remaining funds are anticipated to be closed.

The firm, founded by former startup founders and operators, has quickly become one of the most active seed investors, with approximately $10 million in annual investments across various startups.

According to Veda VC’s managing partner, Avijeet Alagathi, the founders’ firsthand experience of building and scaling up startups has led them to create Veda VC in order to provide seed-stage founders with the necessary knowledge and network to make better decisions.

Testimonials from Even Health CEO Mayank Banerjee and Dukaan’s founder and CEO Suumit Shah highlight the founders’ ongoing support and involvement in shaping the growth of their portfolio companies.

With a focus on investments in frontier technology, enterprise SaaS, and the creator ecosystem, Veda VC aims to do 10-12 investments per year.

The fund is set to make a significant impact on the Indian startup ecosystem by providing crucial funding and support to early-stage companies.