Venture debt fund ValuAble expects the first close of its recently launched Rs 850-crore fund during the current quarter, a senior official of the fund said on Wednesday.
ValuAble received market regulator Sebi's approval in May to set up a purpose-led venture debt fund entailing a total corpus of Rs 850 crore, ValuAble Founder and Managing Partner Rahul Gupta said in a statement.
"We are constantly in the process of raising capital and looking to announce our first close within this quarter," Gupta said.
Gupta and seasoned fund manager Siba Panda have teamed up to establish ValuAble.
The fund will invest in new-age, tech-led, purpose-driven businesses.
"Tech-led when we say, we mean the new-age businesses of the startups, because tech is the real engine which gives these new-age startups in India the propel.
"In regards to purpose-led, we mean climate inclusion, the business that is aligned with Bharat and Inclusivity and also ESG aligned, plus we are focused on the culture of the businesses," Panda said.
Gupta was previously Head of Financial Sponsors Coverage at Axis Bank, and Panda was an ex-founding member and CFO at Stride Ventures.
"ValuAble is the first fund in India to be steered by a fund manager who is visually impaired, bringing a unique dimension to the fund's vision, promoting inclusivity and a fresh outlook on investment. ValuAble also envisions a market filled with collaborators rather than competitors, it believes in inclusive capital access for all," the statement said.
Gupta said that ValuAble doesn't want to be just lenders but partners in the entrepreneurial journey of different startups.
"Our core philosophy is to be enablers for businesses, providing them with the necessary resources, mentorship, and tools to not only secure capital but also to foster sustainable growth," Gupta added.