Seed investor and startup accelerator, 500 Startups is aiming to raise $10-20 million for its India focused micro VC Fund, StartupWallah, which is due for launch in the middle of this year.
As per an ET report, 500 Startups will offer $50,000-100,000 (Rs 30-60 lakh) per startup for an equity stake of 7%. In 2012, Dave McClure, founding partner at 500 Startups had tried to raise a $5 million India-focused fund, but had to put it on hold because the market was not mature back then.
Since 2010, it has accelerated over a 1,000 startups across 50 countries. It typically invests up to $250,000 in a company during the first leg and mainly focused on sectors like financial services, gaming, payments, SaaS and education on mobile and web.
Also, it has funded several startups in India through its international fund including WalletKit, TradeBriefs, Instamojo, ZipDial (acquired by Twitter), PriceBaba and gazeMetrix.