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Wednesday, November 29, 2023

Former Wipro CEO’s VC firm to raise $50M to fund Indian startups

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Dallas Venture Capital (DVC) intends to invest around $130 million in enterprise-focused B2B SaaS firms over the next five years via its India and US funds in India and the United States. . DVC was floated by ex-Wipro CEO Abidali Neemuchwala, and serial entrepreneur Dayakar Puskoor.

Dallas Venture Capital (DVC), founded by serial entrepreneur Dayakar Puskoor and former Wipro CEO Abidali Neemuchwala, intends to raise $50 million for Indian entrepreneurs as it closes its second $80 million fund in the United States.

The Dallas-based venture capital (VC) firm said that it has already collected $20 million from local investors for its DVC India Fund-1.

According to the business, the VC would invest in Indian companies through its US fund as well as DVC India Fund-1.

DVC’s US fund, early-stage B2B (business-to-business) SaaS (software-as-a-service) Fund II, will be one of the largest to operate out of Dallas, according to the VC company, which also stated that the fund was oversubscribed because its initial objective was $75 million. DVC intends to invest around $130 million in enterprise oriented B2B SaaS firms over the next four to five years across both of these funds in the United States and India, according to the VC.

According to Puskoor, Managing Director of DVC, the response to DVC Fund II was overwhelming.

Puskoor said, ” We are especially pleased with our investors’ recognition as a cross-border VC profiting from India’s startup revolution. Our strategic investors’ rigorous due diligence has strengthened our investment argument Our key investors and advisers’ continuing assistance will help us develop distinct value for our portfolio firms.”

DVC invests in early- and growth-stage companies in the B2B SaaS sector that are leveraging deep tech in the areas of cloud, AI (artificial intelligence), XR (extended reality), ML (machine learning), XR (extended reality), data, and other emerging technologies with infrastructure software or industry vertical focus, according to the company.

Over the previous decade, DVC’s team has invested in 27 businesses, including firms in the United States and India, with nine successful exits. HyperVerge and Corestack are two of DVC’s portfolio businesses.

DVC has begun to deploy its capital, having already invested in four firms in the United States and India, including Lucy.ai, Rollick, Citylitics, and Disprz. DVC stated that it has a good pipeline of firms and aims to invest in one company every quarter, for a total of 20-25 companies over the next five years.

Shyam Penumaka, Partner at DVC, said, “The completion of the fundraising of US Fund II, a co-investing partner for DVC India Fund, is an important milestone in DVC’s path. We are certain that both funds will play an important role in the expansion of Indian SaaS enterprises. The DVC India Fund is currently focused on gathering the remaining funds from institutional investors, family offices, and high net worth individuals interested in participating in the burgeoning Indian deep technology B2B SaaS sector.”

According to DVC, its normal investment stage is post-product market fit, and its first money is focused on allowing firms to expand via its DVC Advantage Program. DVC India Fund has invested in Disprz, an enterprise skilling firm, and IntelleWings, an anti-money laundering startup.

The DVC Advantage is designed to meet the needs of startups in a variety of areas, including product and technology planning, executive mentorship, corporate governance, business growth, and talent acquisition. DVC is dedicated to assisting portfolio firms in transforming their growth journeys by giving strategic counsel on product, domain, strategy, customer success and growth, and financial concerns.

Co-founder and Director of DVC, Neemuchwala, said, “We partner with our portfolio companies as mentors offering strategic guidance during the most important phase of the startup’s journey to accelerate their revenues from $1 million to $10 million through our time-tested and refined DVC Advantage program, which leverages our network of venture partners and advisors.

With our experience and understanding of both the US and India, we are able to provide excellent operational and growth plans to our portfolio companies.”

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