Venture capital fund Chiratae Ventures today announced the launch of its seed initiative Chiratae Sonic. The new programme guarantees a 48 hours turnaround time on seed fund requests/pitches for investments less than or equal to $500,000.
So far, Chiratae has introduced an application form and a dedicated website to make the process simpler for early-stage founders.
The initiative will be rolled out in phases, with the first phase going live today and Chiratae is accepting applications under Chiratae Sonic for the next 30 days. Chiratae Sonic is the 8th seed investment programme rolled out by Chiratae in line with its efforts to empower and support early-stage ventures.
Founded in 2006 by Sudhir Sethi and TCM Sundaram, Chiratae Ventures India Advisors (formerly IDG Ventures India) has close to $900 Mn under management and 99 investee companies across consumer media and tech, cloud/software, healthtech, and fintech.
Commenting on the initiative, Sudhir Sethi, founder and chairman, Chiratae Ventures, said “As an entrepreneur-first VC, our focus has always been on prioritizing the success of our portfolio businesses. We are constantly on the lookout for ways to make our relationship more efficient and productive. One of the biggest challenges an early-stage entrepreneur faces is the tedious and time-consuming process behind raising capital. We believe innovation needs to be at the core of why and how founders interact with investors. By solving and simplifying the ‘how’ of that conversation Chiratae Sonic strives to empower founders to focus on innovation above all.”
Amazon Web Services (AWS) is a key collaborator in the Sonic programme and will offer credits up to $100,000 per eligible startup through the AWS Activate program, which provides resources like AWS credits, business mentorship, and technical support to help early-stage founders build and scale successful businesses.
Chiratae will remain focused on investing in startups with technology at the core, irrespective of end-use application in dynamic industries like consumer tech, enterprise tech/SaaS, fintech, healthtech, deeptech, edtech, and agritech among others. Its notable portfolio companies include Bounce, Cure.fit, FirstCry, Flipkart, Forus, Lenskart, Manthan, Myntra (acquired by Flipkart), NestAway, Newgen, PlaySimple, PolicyBazaar, Rentomojo, Unbxd, and Uniphore among others.
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