DBT Bureau
Bengaluru, 20 April
Investment platform BizDateUp Technologies has launched a Category I Alternative Investment Fund (AIF) valued at Rs 200 crore with a focus on investing in startups operating in tier-II and tier-III cities.
The company said in a press release that this strategic fund specifically supports innovation and entrepreneurship in tier-II & tier-III cities across India, with a strong emphasis on sectors promoting sustainability and social impact through technology utilization.
“Our mission at BizDateUp has always been to catalyse innovation and drive socioeconomic growth through strategic investments and support for budding entrepreneurs. With the launch of our Rs 200 crore Category I AIF Fund, we are reaffirming our dedication to empowering startups in tier 2 & tier 3 cities, unlocking their potential to become the next engines of growth and innovation in India,” said Jeet Chandan, Co-founder of BizDateUp Technologies.
During FY24, BizDateUp funded over 25 startups in tier-II & tier-III cities, and raised a $10 million fund from its engagement with more than 1,000 active angel investors. It has also realised an average return of 3.5X during this period, the company said.
According to the company, the list of startups supported by BizDateUp included Passenger Drone Research Pvt. Ltd. in Nashik, ZEVO in New Delhi, Immersive Labz in Pune, InfinityX in Bengaluru, Durogreen in Ahmedabad among others, spanning SaaS, electric vehicle, logistics, agritech, and gaming.
“India now boasts the world’s 3rd largest startup ecosystem, trailing only behind the USA and China. Recent reports highlight the significant potential of tier-II and III cities as new growth drivers in India. For us, empowering startups in tier II and tier III cities is not just a mission; it’s our passion. Through tailored support and resources, we’re not just levelling the playing field; we’re igniting untapped potential across India,” Meet Jain, Co-founder of BizDateUp Technologies said.
According to startup data intelligence platform TheKredible, startups in India raised capital worth more than $11 billion in 2023 from PE and VC funds. This was a sharp drop from $25 billion raised in 2022 and $38 billion in 2021.
