Equirus InnovateX Fund closes maiden B2B tech fund at ₹166 crore.
Over one-third deployed across seven seed, pre-Series A startups.
Targets 15-company portfolio within next 12–18 months.
Backed by domestic, overseas investors and industry founders.
Equirus InnovateX Fund Closes ₹166 Crore Maiden B2B Tech Fund, Deploys One-Third Corpus
The fund expects to build a portfolio of up to 15 companies, with the remaining capital likely to be invested over the next 12 to 18 months
Summary
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Equirus InnovateX Fund (EIF), the early-stage venture arm of Equirus Group, today announced the final close of its maiden B2B tech fund at ₹166 crore. The fund’s first close was announced in February 2024.
The fund invests in seed and pre-Series A companies in deep tech, software-as-a-service (SaaS) and fintech. It typically backs teams that have launched a product and are working towards product-market fit.
According to the firm, the fundraise drew both domestic and overseas investors, including entrepreneurs and industry executives. Backers include Girish Gaitonde of Xoriant, M R Jyothy of Jyothy Labs, Dhimant Bhayani of iRevo, Raj P of Zaggle, Shankar Vailaya, co-founder of Sharekhan, and Nitin Seth of GD Foods.
The fund is managed by Krishna Jha, Sunder Nookala and Sadhika Agarwal, who oversee investments and portfolio management.
"With Fund I fully closed, our commitment is to work closely with portfolio companies to help them scale responsibly, strengthen fundamentals and build institutions that stand the test of time,” said Sunder Nookala, Partner, Equirus InnovateX Fund.
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EIF has deployed more than one-third of the ₹166 crore corpus so far, backing seven companies. These include Pointo, Datazip, GreenStitch, CtrlB, Consuma AI, RSPL and NeverInstall. The fund expects to build a portfolio of up to 15 companies, with the remaining capital likely to be invested over the next 12 to 18 months.
Krishna Jha, Partner at EIF, said the firm is focused on companies addressing complex business problems as India’s startup ecosystem evolves.
Beyond capital, EIF provides support in areas such as enterprise access, regulatory processes, senior hiring and fundraising readiness. The fund states that it places emphasis on governance and long-term business development.
With its first fund now closed, EIF said it will continue deploying capital from the existing corpus while preparing for a subsequent fund.
Separately, EIF partners Ajay Garg, Krishna Jha and Sunder Nookala have previously made angel investments in companies including Druva, Kwench, Adpushup, Sirona, Wow Momo, Credgenics and GoComet.
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