Former 100X.VC partners Shashank Randev and Yagnesh Sanghrajka have started a new venture capital firm called 247VC. They’ve also launched their first fund and plan to raise ₹250 crore (around $30 million).
The fund is officially registered with SEBI as a Category II Alternative Investment Fund (AIF). It includes a principal amount of ₹200 crore, with the option to raise an extra ₹50 crore if needed.
247VC said it plans to support strong startup founders from different industries. The firm will mainly focus on four key areas: consumer businesses, deep tech, enterprise technology, and Industry 5.0.
The fund will mainly invest in early-stage (seed-stage) startups and has also set aside money to support these startups in later funding rounds—247VC plans to invest in 30 startups over the next three years.
About 50-55% of the fund will be used for the first round of startup investments. The rest will be saved for follow-up funding later. On average, each first investment will be between ₹ three crore and ₹4 crore.
“India is entering its most exciting startup decade. With this fund, we’re doubling down on our mission to back ambitious founders at the seed stage – those who are obsessed with solving hard problems and building for scale,” said Sanghrajka, founder and managing partner of 247VC.
Some of the first backers of 247VC include well-known people like Sachin Tagra from JSW Ventures, Vivek Mathur, a former partner at Elevation Capital, and Shailendra Majmundar, a specialist in AI and machine learning at Johns Hopkins University.
It’s important to note that Sanghrajka and Randev left 100X.VC around November last year. Together, they have more than 50 years of experience in business, investing, and raising funds.
In their past roles, they have supported several startups, including Knight Fintech, abCoffee, EMO Energy, Zeron, Stupa Sports Analytics, Spare8, Vodex, 50Fin, Breathe ESG, and more.
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