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My First Cheque (MFC), a recently launched seed fund that debuted with a Rs 20-lakh investment in auto servicing web portal, MeriCAR.com, plans to fund about 100 start-ups over the next 4-years, a top company official said.
The firm will be funding at least 8-10 companies this calender year with an average ticket-size of Rs 20-lakh.
“We plan to fund start-ups from across sectors. We are not looking at any innovation or ideas specifically but are ready to fund anyone who has the passion and potential to do business,” MFC’s Founder and Partner, Mr Gautam Sinha, told PTI here.
Mr Sinha’s two other friends, Ms Monisha Advani and Mr Prahlad Rao, are co-founders of the firm.
Started in December, MFC has no fixed corpus but will initially start with personal funds.
“We will start with our own personal money. We have not invited any outside investors. Once we complete 10 investments we will look at getting funds from external sources,” Mr Sinha said.
The company is already evaluating three start-ups and will close a deal in April, Mr Sinha said, adding that depending on the type of the start-up, the company will acquire about 10-30 per cent stake in them.
“In India, young entrepreneurs find it very difficult to get their first funding. We will help these entrepreneurs with their first cheque and mentor them,” Mr Sinha said.
On exits and earnings, Sinha said that the firm intends to exit in 2-4 years, which is its sweet-spot and could earn anything around Rs 2-5-crore per company.
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