Venture capital firm SphitiCap launches $500 million maiden fund

Early-stage focused venture capital (VC) firm SphitiCap on October 4 launched its maiden venture fund with a total corpus of $500 million saying it is about to close the fund soon and will invest in companies focusing on sustainability, growth, and impact.

In a statement, the VC firm said its maiden fund will invest in cleantech, fintech, deeptech, agritech, proptech, SaaS, digital media, direct to consumer, spacetech, defence, and logistics and supply chain.

Founded in 2022 by venture capitalists Pallav Kumar Singh and Mayank Mehra, SphitiCap is India-centered and will invest in firms from the seed stage to Series A with an average ticket size of $10 million.

"As a sector-agnostic India-centred firm, we focus on value rather than valuation," said Singh, who is the managing partner of the VC firm.

Mehra, also a managing partner at Sphiticap, said, "Currently, our portfolio pipeline has planned to fund up to $15 million with no upper limit. There are a lot of promising startups that we are vetting and excited about working with."