A greenshoe option is a provision that allows a fund to raise more capital than originally targeted if there’s a higher demand than initially expected.
The fund aims to back more than 200 startups across various sectors including SaaS, direct-to-consumer (D2C), fintech, electric vehicles (EV), energy, defence, healthcare, and others. It aims to announce its first close by November, with a target amount of $100 million.
The fund’s initial cheque size will range from $250,000 to $1 million, with a follow-up capital of up to $3 million.
The firm’s first fund, launched in 2020, had a $100-million corpus. It has deployed 75% of the fund with investments in over 145 companies including ShipRocket, BluSmart, Videoverse, Zypp Electric, and others.
“Rebranding to 100Unicorns is the next step in our evolution process. We have seen significant growth in the Indian startup ecosystem and massive funding inflow in the past couple of years…We are excited about this next step of launching a $200 million fund that aligns us to the needs of the Indian startup ecosystem,” said Apoorva Ranjan Sharma, cofounder of 100Unicorns.
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According to the firm, 10-15% of the fund II will be deployed outside India in geographies such as the US, Middle East, Africa, Asia and others.Over the last few months, several funds have raised capital.
On May 2, former BharatPe chief operating officer Dhruv Dhanraj Bahl launched a venture capital fund, his first, with a target of raising Rs 120 crore.
On May 1, venture debt firm Stride Ventures, which has backed startups such as Zepto, Rebel Foods, Sugar Cosmetics and Mensa Brands, announced the final close of its third fund at $165 million (about Rs 1,377 crore).
On April 30, early-stage venture capital firm IvyCap Ventures, which backed startups like BlueStone, Purplle and Biryani By Kilo, announced the final close of its third fund at Rs 2,100 crore (around $250 million).
