100X.VC, based in Mumbai, has invested USD 3.4 million in 22 startups as part of its 9th cohort. This brings the fund's total investments to 127 since its inception in July 2019.
The venture capital firm has invested Rs 1.25 crore per startup, it said in a statement.
This year, 100X.VC's 9th cohort shortlisted 709 companies from an application pool of 4210 startups before investing 22 of them. Mumbai, Bangalore, Delhi, Pune, Ahmedabad, Noida, and Kolkata are among the 11 cities represented in the portfolio. It mostly invests in startups.
In 2019, the Mumbai-based firm began investing with India Simple Agreement for Future Equity (iSAFE) notes, in which an investor makes a cash investment in exchange for a convertible instrument. It is a convertible security note rather than a debt instrument.