Chiratae Ventures announces Chiratae Sonic: An industry- first initiative to enable quicker access to capital for Founders
July 14, 2021
- Unprecedented 48 hours seed fund approval for investments less than or equal to $500,000
- The first phase of applications under Chiratae Sonic is open for 30 days starting July 7th, 2021
- Making fund-raise more seamless and accessible for founders through the templated application form and a dedicated website for the initiative (https://sonic.chiratae.com/)
- AWS to offer credits up to USD $100,000 per eligible startup through the AWS Activate program
- Chiratae Sonic is the 8th seed investment program rolled out by Chiratae
Bangalore, 07 July 2021: Chiratae Ventures, India’s leading Venture Capital advisory firm today announced their landmark seed initiative Chiratae Sonic to accelerate and democratize the fund-raise process for founders. The initiative guarantees a 48 hours turnaround time on seed fund requests/pitches for investments less than or equal to $500,000. Chiratae has also introduced an application form and a dedicated website (https://sonic.chiratae.com/) to make the process even simpler for early-stage founders. Aligned to Chiratae’s commitment to empowering the homegrown startup ecosystem, the initiative aims to enable quicker access to capital for founders and help them prioritize innovation. 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 program rolled out by Chiratae in line with their efforts to empower and support early-stage ventures.
Commenting on the initiative, Sudhir Sethi, Founder & Chairman, 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.”
In addition to the promise of rapid decision-making for investments via Chiratae Sonic, the initiative entails standard investment terms for equity investments. Diligence for all investments under the initiative will be completed rapidly and remotely with trusted partners. Chiratae remains 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, Health-Tech, Deep-Tech, Ed-Tech, and Agri-Tech among others.
In addition to capital, Chiratae also offers its portfolio businesses access to the expertise and insights from its Global Advisory Board and India Advisory Council. Chiratae Venture’s Global Advisory Board has Mr. Ratan Tata – Chairman Emeritus of Tata Sons, Mr. Kris Gopalakrishnan – Co-founder of Infosys, Mr. Bruno E. Raschle – Founder, Managing Director, and Non-Executive Vice Chairman of Schroder, and Mr. Manish Choksi – Non-Executive Vice Chairman of Asian Paints and Dr. Andreas Hettich, Chair, Hettich Group Advisory Board with the additional support of Dr. Ferzaan Engineer – Co-founder and Chairman of Cytecare Hospitals from the India Advisory Council of Chiratae.
Amazon Web Services (AWS) is a key collaborator in the Sonic program and will offer credits up to USD $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.
About Chiratae Ventures Launched in 2006, Chiratae Ventures India Advisors (formerly IDG Ventures India) is India’s leading technology Venture Capital funds advisor. The funds advised by Chiratae Ventures India Advisors collectively have close to $900 M under management and 99 investee companies across Consumer Media & Tech, Cloud/Software, Health-tech, and Fin-tech. Notable portfolio companies include Bounce, Cure.fit, FirstCry, Flipkart, Forus, Lenskart, Manthan, Myntra (acquired by Flipkart), NestAway, Newgen (NSE: NEWGEN), PlaySimple, PolicyBazaar, Rentomojo, Unbxd, and Uniphore among others.