AdvantEdge Founders, an early stage consumer technology venture capital fund, on Tuesday announced the launch of AdvantEdge Founders Fund II targeting mobility start-ups.
AdvantEdge Founders Fund II, which has already received commitments of Rs 100 crore from its existing Fund I anchor Limited Partners (LPs), aims to secure an additional Rs 200 crore.
The Mobility First Transformation Fund will focus on investing in early stage start-ups across the shared mobility, smart cars, digital auto and logistics domain.
“We recognized key mobility trends very early, identified the right opportunities including Shuttl, Rapido and Chalo and worked closely with the founding teams to achieve leadership positions,” said Kunal Khattar, managing partner, AdvantEdge Founders.
New business models driven by shared mobility, connectivity, electrification and smart solutions including autonomous technologies could expand new mobility solutions 50x into a $1.5 trillion market by 2030.
Fund I’s mobility portfolio – which invested in companies like Shuttl, Rapido and Chalo — has achieved a Gross IRR of 84 percent.
AdvantEdge aims to expand the mobility space to include technology opportunities in smart, electric and autonomous cars, aftermarket parts and services, auto eCommerce and logistics, warehousing, transportation and distribution.