Peaceful Progress Announces First Close Of INR 50 Cr Fund For Early-Stage Startups

Angel investment fund Peaceful Progress has announced the first close of its INR 50 Cr corpus for early-stage startups.

The fund raised the initial corpus from more than 15 angel investors and high-net-worth individuals (HNIs) from verticals such as information technology, financial services, hospitality, among others. The fund underlined its plans to invest up to INR 3 Cr per startup.

It will primarily look to invest in segments such as fintech, healthTech, edtech, foodtech, consumertech, direct-to-consumer (D2C) and electric vehicles (EVs). Peaceful Progress will look to fund 15-20 early-stage startups in the next three to four years.

The fund is a category-I alternative investment fund (AIF) and received approval from the Securities and Exchange Board of India (SEBI) in February this year. 

Led primarily by Chandrashekar Kupperi, Kamal Agarwal, and Sitaraman Parthasarathy, the fund has so far invested in four startups – edtech platform Expertrons, HRtech startup Kredily, cleantech startup Sheru and retailtech platform Infilect.

“To our investees, we offer support, guidance, lend expertise and access to a wide network for growth, in addition to funds. We are thankful to our investors for their patronage to Peaceful Progress and we are roping in more to join us on our journey,” Peaceful Progress general partner Chandrashekar Kupperi said.

With the first close, Peaceful Progress has joined the growing list of investment firms that have raised funds amidst whispers of a ‘funding winter’ and a global economic slowdown.

Barely a week ago, investment firm B Capital announced the final close of its $250 Mn Ascent Fund II to invest in US and India-based early-stage startups. Prior to that, another US-headquartered VC firm Lightspeed announced the closing of a $500 Mn fund dedicated solely to India and the South-East Asia region. 

In June, Sequoia Capital India raised its largest ever $2.85 Bn fund to invest in startups across India and Southeast Asia. 

The fund will invest up to INR 3 Cr per startup, primarily in segments such as fintech, healthTech, edtech, foodtech, consumertech, D2C and EVs.I wish you great success in this endeavour.

Shishir Gupta, Founder and CEO, StartupLanes

Don’t keep wondering about funding, you can also raise funds. Learn how to raise funds here: Yes I want to raise funds.

If you are an emerging startup and are looking for investors to raise funds, StartupLanes has its own angel network and investment banking services and is connected to angel investors and VCs in 15 countries that ensure that our member startups have easy access to external funds to scale up constantly.

You can subscribe to our news posts by entering your email in the box on the right side of this page.

Check out our YouTube channel for insightful content from the Indian startup ecosystem.

Or join our Whatsapp group to interact with other founders: Yes, I want to join the Whatsapp group.

The right investment is key to beating inflation and growing your wealth. Do you wish to become an angel investor? Yes, I want to be an angel investor.

Are you a startup and facing challenges in your business? Do you want to grow your business? It is not as difficult as it sounds. Learn how to grow your business here- Yes, I want to grow my business. For any rectifications, reach out to ashu@startuplanes.com