Equirus InnovateX Fund (EIF) Closes Rs 166 Crore B2B Tech Fund: A Comprehensive Guide for SaaS & Enterprise Startups.

Equirus InnovateX Fund (EIF), the venture arm of Equirus Group, has closed its Rs 166 Crore B2B tech fund to invest in SaaS, DeepTech, Fintech, and enterprise startups. Explore investment criteria, ticket size, leadership insights, and how Seed to Series A founders can secure funding.

Equirus InnovateX Fund (EIF) has announced the final close of its Rs 166 Cr B2B tech fund. Discover the fund’s investment criteria, focus sectors, and how early-stage startups can secure funding.

The Indian venture capital ecosystem is witnessing a strategic shift toward specialized, sector-focused funds. Leading this charge is Equirus InnovateX Fund (EIF), which recently announced the final close of its maiden Rs 166 crore (approximately $20 million) B2B tech fund.

For early-stage founders building in the enterprise software, SaaS, and deep-tech space, EIF represents a significant pool of smart capital. This article breaks down everything a startup needs to know about the fund, its leadership, and how to pitch for investment.

1. About Equirus InnovateX Fund (EIF)

Equirus InnovateX Fund (EIF) is the venture capital arm of the Equirus Group, a well-established full-service investment bank in India. The fund was launched with a specific mandate to support early-stage entrepreneurs who are leveraging technology to solve complex problems in the Business-to-Business (B2B) segment.

While the fund was initially announced with a target corpus of Rs 25-30 million USD, its final close at Rs 166 crore provides it with substantial “dry powder” to back high-potential startups through their Seed and Series A stages.

2. The Leadership: Who is Behind the Fund?

A VC fund is only as strong as its General Partners (GPs). EIF is led by industry veterans who bring a mix of investment banking expertise and operating experience:

Sunder Nookala (Managing Partner): A seasoned entrepreneur and investor with a deep understanding of scaling B2B platforms.
Vijay Agrawal (Managing Partner): Bringing years of financial expertise from the Equirus Group, Agrawal focuses on the strategic alignment of the fund’s portfolio with the broader market.
The Equirus Advantage: Because the fund is backed by an investment bank, startups often gain access to a wider network of institutional clients, M&A advisory, and future IPO readiness services.

3. Investment Terms and Criteria: What EIF Looks For

For a startup looking for funding, understanding the “Investment Thesis” is critical. EIF does not invest in B2C (Consumer) brands; they are laser-focused on B2B Tech.

Key Criteria for Startups:

Sector Focus: Software as a Service (SaaS), Deep Tech, Fintech, Healthtech (B2B), Cybersecurity, and Supply Chain tech.
Stage: Primarily Seed to Series A. They look for startups that have moved past the “idea phase” and have at least a Minimum Viable Product (MVP) with early customer traction.
Ticket Size: EIF typically invests between $500,000 to $2 million (Rs 4 Cr to Rs 16 Cr) per startup, with room for follow-on rounds in top-performing portfolio companies.
Geography: While they have a global outlook, their primary focus is on Indian founders building for the world or solving large-scale problems within the Indian enterprise ecosystem.

4. History and Past Investments

Since its inception, EIF has been active in deploying capital. They have already backed several high-growth startups before reaching this final close. Some notable names in their portfolio (and the Equirus ecosystem) reflect a preference for companies with strong intellectual property (IP) and sustainable unit economics.

Past investments include companies like:

Yottaize: An AdTech platform.
Narayana Health (Strategic associations): Demonstrating interest in health-tech infrastructure.
Various SaaS players: Focused on automating mid-market enterprise workflows.

5. Who are the Investors in the Fund?

The Rs 166 crore corpus was raised from a diverse set of Limited Partners (LPs). These include:

High Net-Worth Individuals (HNIs): Successful tech entrepreneurs and business leaders.
Family Offices: Large Indian business houses looking for exposure to the high-growth tech sector.
Institutional Backing: Support from the parent Equirus Group and affiliated financial partners.

6. How to Pitch to Equirus InnovateX Fund: Tips for Founders

If you are a B2B founder, EIF is a “value-add” investor. To stand out, your pitch should emphasize:

Product-Market Fit (PMF): Show clear evidence that enterprises are willing to pay for your solution.
Scalability: How does your B2B solution scale without a linear increase in headcount?
The “Moat”: What makes your technology difficult to replicate? (e.g., proprietary algorithms, deep integration, or high switching costs).
Clarity of Vision: EIF prefers founders who understand the long-term roadmap of the enterprise sales cycle.

Final Thoughts:

The final close of the Equirus InnovateX Fund at Rs 166 Cr is a testament to the resilience of the B2B tech sector in India. For startups, this represents more than just capital; it represents a partnership with a firm that understands the nuances of enterprise growth and institutional finance.

Are you building the next big B2B SaaS platform? Now is the time to refine your deck and reach out to the EIF team.