Chiratae Ventures Launches 2024 Sonic Program to Boost Early-Stage Indian Tech Startups

VC Fund Chiratae Ventures Launches 2024 Sonic Program to Boost Early-Stage Indian Tech Startups

The 2024 edition of Chiratae Sonic has expanded its funding scope, inviting applications from companies seeking to raise up to $2 million. Chiratae Ventures, a leading Indian venture capital firm, has announced the launch of the 2024 cohort of its flagship seed investment initiative, Chiratae Sonic. This program, known for its rapid decision-making and streamlined investment process, aims to accelerate the growth of early-stage tech startups. Building on the success of previous editions, Chiratae Sonic continues to democratise the fundraising process, offering standard deal terms and swift due diligence with trusted partners. The Sonic program has become synonymous with quick turnaround times and extensive support for startups. One of the standout features of Sonic 2024 is the 48-hour decision window for initial funding requests up to $500,000. This rapid review process is set to redefine seed investments by providing startups with timely access to capital. In addition to this, the 2024 edition has expanded its funding scope, inviting applications from companies seeking to raise up to $2 million. Chiratae Sonic has also introduced a fixed application window for this year's program, which will remain open until 31st October 2024. Startups that are accepted will benefit from an array of exclusive partner perks, including cloud credits from leading providers, strategic partnerships, and access to a vast network of industry experts. The program is designed not only to provide funding but to ensure long-term success for participating startups. The program also offers extensive mentorship and support, with founders gaining access to industry veterans who will provide guidance on scaling their businesses. In the previous two editions, Chiratae invested approximately $25 million across 20 companies at the seed and pre-series-A stages. The program has a proven track record of identifying and nurturing promising startups, with past cohorts including notable companies such as BeepKart, Claimbuddy, Emitrr, HexaHealth, Metadome, LocaleAI, and Skyeair. "Chiratae Sonic has played a key role in supporting the identification of promising early-stage startups," said Venkatesh Peddi, Managing Director of Chiratae Ventures. "Our focus on swift decision-making and extensive support has enabled founders to establish successful companies. We look forward to continuing this approach with the 2024 cohort, furthering technological innovation in India and beyond." While Sonic invites applications from startups across various sectors, there is a particular emphasis on disruptive platforms in areas like deeptech, generative AI, climate tech, and manufacturing tech (Factory 5.0). Chiratae Ventures India Advisors collectively manage over $700 million in funds and have invested in more than 80 companies across Consumer Media & Tech, Cloud/Software, Health-tech, and Fin-tech sectors. The Indian AI startup has been witnessing a huge boost from VC firms who look to invest in promising and innovative tech companies. One of the prominent VC firms Accel confirmed investing in 27 AI startups in the last couple of years.

Chiratae Ventures Announces 2024 Cohort of Sonic Program

Chiratae Ventures, India's premier homegrown venture capital firm today announced the launch of the 2024 cohort of its flagship seed investment initiative, Chiratae Sonic. Building on the remarkable success of previous editions, the Sonic program will continue to accelerate and democratise the fundraising process for early-stage tech startups. The initiative also offers standardised deal terms for equity investments and rapid due diligence with trusted partners. In the previous two editions of Sonic, Chiratae invested ~$25M across 20 companies at seed and pre-series-A stages. Key Highlights of Sonic 2024: Rapid Decision-Making: Chiratae Sonic has redefined seed investments by offering an unprecedented 48-hour turnaround on initial reviews for funding requests up to USD 500,000.Broader Funding Scope: This year's program is expanding its reach, inviting applications from companies seeking to raise up to USD 2 million.Fixed Application Window: To fast-track the investment process, Sonic 2024 has introduced a fixed application window, open until 31st October 2024.Extensive Mentorship and Support: Founders will benefit from mentorship by leading industry veterans along with access to various perks and services to aid their growth. Venkatesh Peddi, Managing Director, Chiratae Ventures, said, "Chiratae Sonic has played a key role in supporting the identification of promising early-stage startups. Our focus on swift decision-making and extensive support has enabled founders to establish successful companies. We look forward to continuing this approach with the 2024 cohort, furthering technological innovation in India and beyond." While Sonic invites applications from companies across sectors, there is a particular focus on disruptive platforms across segments such as DeepTech, Generative AI, Climate Tech and Manufacturing Tech (Factory 5.0). Sonic's previous cohorts include startups like BeepKart, Claimbuddy, Emitrr, HexaHealth, Metadome, LocaleAI and Skyeair among others. Ranjith Menon, Managing Director, Chiratae Ventures said, "At Chiratae, it's our privilege to have seen the entire life cycle of technology startups that have disrupted global industries, from Seed to IPO. Sonic is an initiative to deepen our engagement with the next wave of founders building frontier technology platforms defining the global economy in the next decade." The application window is live on the Chiratae Sonic website from 21st August 2024. For technology startups raising their seed investment round across sectors, the application window is open till 31st October 2024. The 2024 Sonic cohort will also gain access to an array of exclusive partner benefits designed to accelerate their growth. This includes substantial cloud credits from leading providers, crucial for scaling operations with reduced overhead costs. Additionally, startups will tap into the Chiratae portfolio, offering them opportunities for collaboration and strategic partnerships with some of the most innovative companies in the industry. Beyond this, they will be connected to a vast network of seasoned industry experts and mentors, who will provide invaluable guidance on everything from product development to market strategy, ensuring that these startups are not just funded, but set up for long-term success. Kailash Nath, AVP-Head of Seed investments, Chiratae Ventures said, "The role of technology as a differentiator in early-stage ventures has assumed an exponentially higher level of importance in the recent times. Not only has this changed the way founders build disruptive products and platforms, it has also has provided newer frameworks for Venture Capital investors to evaluate opportunities at seed stage. Sonic gives us a ringside view into the evolving DeepTech ecosystem in India as we continue to back audacious entrepreneurs solving population scale problems" For technology startups across sectors, raising their seed investment round, the application window is live on the Chiratae Sonic website from 21st August 2024. Chiratae Sonic will be accepting applications till 31st October 2024. Apply Now - https://www.chiratae.com/chiratae-sonic/ About Chiratae Ventures Chiratae Ventures is a 17-year-old Indian technology venture capital fund advisor, having advised funds that collectively (across six funds) have $1.3 Bn AUM, 130+ investments, 50 exits, 9 Unicorns, 3 IPOs and a track record of having returned capital to LPs in each of the last 12 years. The funds advised by Chiratae Ventures have investments across sectors such as Consumer-Tech, SaaS, Fintech, and HealthTech and have been early backers of companies such as Curefoods, Cult.fit, Fibe, FirstCry, Flipkart, Lenskart, Myntra, Pixis, PolicyBazaar and Uniphore, amongst many others.

Chiratae Ventures unveils third cohort of seed investment programme

Homegrown venture capital firm Chiratae Ventures on Wednesday announced the launch of the third cohort for its flagship seed investment programme, Chiratae Sonic. Chiratae Sonic aims to accelerate and democratise the fundraising process for early-stage tech founders by offering standardised deal terms for equity investments and fast-tracking due diligence, the company said in a statement In the last two editions of Sonic, Chiratae Ventures invested around $25 million in 20 companies at the seed and pre-Series A stages. According to Venkatesh Peddi, managing director, Chiratae Ventures, the programme is open to companies across all sectors, with a particular emphasis on platforms in areas like deeptech, generative AI, climate tech, and manufacturing tech (Factory 5.0). It will offer a 48-hour turnaround on seed funding requests and investment pitches for amounts up to $500,000. "Our focus on swift decision-making and extensive support has enabled founders to establish successful companies. We look forward to continuing this approach with the 2024 cohort, furthering technological innovation in India and beyond," said Peddi. Previously, Sonic has invested in startups like BeepKart, Claimbuddy, Emitrr, HexaHealth, Metadome, LocaleAI and Skyeair, among others. "Sonic is our way of engaging with the seed ecosystem. Our focus is to back audacious entrepreneurs, building technology platforms and products, solving these population scale problems," Kailash Nath, AVP-Head of seed investments, Chiratae Ventures, told ET. "Partnering with Chiratae is not just assuring capital but also helping them with multiple partners who help with building companies at various stages," he added. Launched in 2006, Chiratae Ventures (formerly IDG Ventures India) has $1.3 billion under management and over 130 investee companies across consumer tech, healthtech, SaaS and fintech. Some of its portfolio companies are Cult.fit, FirstCry, Flipkart, Lenskart, Myntra, PolicyBazaar, Curefoods, amongst others.