Early-stage angel fund Enlighten Angel Fund on Thursday announced its maiden fund of Rs 200 crore including a Rs 100 crore greenshoe option along with rebranding to Enlighten Capital Micro VC. The fund also announced that it has received SEBI approval to operate as an Alternate Investment Fund (AIF) and will focus on early-stage startups in emerging technologies, smart manufacturing, and the electric vehicle sector.
Over the past two years, the fund said it has syndicated over 10 investments in startups. The new fund “has a structured approach to investing and a strong network of limited partners (LPs) and angel investors, making it a significant player in India’s growing venture capital landscape,” the company said in a statement.
“We believe in the transformative power of startups to shape the future of India. Through Enlighten Capital, we are dedicated to creating a positive impact in the ecosystem by supporting founders who are building solutions that matter,” said Koushik Shekar, Managing Partner, Enlighten Capital.
The Indian startup ecosystem in 2024 saw a slight uptick of 6 per cent from 2023, attracting $11.3 billion in funding vis-a-vis $10.7 billion in 2023 even as the deal volume or funding rounds had declined by 31 per cent to 1,448 in 2024 from 2,114 in 2023, according to the data from Tracxn.
Moreover, seed-stage deals also recorded a fall of 22 per cent to $970 million from $1.25 billion in 2023. Early-stage funding, however, recorded a marginal jump of 2.09 per cent to $3.16 billion in 2024 compared to $3.09 billion.
2024 was also a better year than 2023 in unicorn count with the emergence of six startups valued at $1 billion or above, marking a 200 per cent increase compared to two unicorns in 2023, but a 75 per cent decline from 24 unicorns in 2022.