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Bangalore, 21st August – Chiratae Ventures, a leading venture capital firm in India, has announced the latest cohort of its flagship seed investment initiative, the Chiratae Sonic program, for 2024. Following the success of earlier editions, this program aims to accelerate and democratize the fundraising process for early-stage technology startups. It features standardized equity deal terms and expedited due diligence through trusted partners.
In its previous two rounds, the Sonic program invested around $25 million in 20 startups at seed and pre-Series A stages.
Key Updates for Sonic 2024:
– Fast-Track Decision-Making: Sonic now offers an exceptional 48-hour response time for initial funding evaluations up to $500,000.
– Wider Funding Opportunities: This year, the program is expanding to include applications from startups seeking up to $2 million.
– Fixed Application Period: To expedite the process, Sonic 2024 has set a fixed application window, running until 31st October 2024.
– Extensive Mentorship: Participants will benefit from guidance by leading industry experts, along with various perks and services designed to support their growth.
Venkatesh Peddi, Managing Director at Chiratae Ventures, commented, “Chiratae Sonic has been vital in identifying and supporting early-stage startups. Our focus on quick decision-making and comprehensive support has helped founders build successful ventures. We are excited to continue this work with the 2024 cohort, driving technological innovation both in India and globally.”
The Sonic program is open to startups across a range of sectors, with a special emphasis on disruptive technologies such as DeepTech, Generative AI, Climate Tech, and Manufacturing Tech (Factory 5.0). Previous Sonic cohorts have included notable startups like BeepKart, Claimbuddy, Emitrr, HexaHealth, Metadome, LocaleAI, and Skyeair.
Ranjith Menon, Managing Director at Chiratae Ventures, said, “We are proud to have witnessed the growth of technology startups from Seed to IPO that have made significant impacts globally. Sonic is our way of engaging with the next generation of founders who are building groundbreaking technology platforms that will shape the global economy in the coming decade.”
The application period for Sonic 2024 is open from 21st August 2024 until 31st October 2024 on the Chiratae Sonic website. Startups seeking seed investment are encouraged to apply.
The 2024 cohort will also gain access to exclusive benefits, including substantial cloud credits from leading providers, aiding in operational scaling while lowering costs. Additionally, participants will connect with Chiratae’s portfolio, offering opportunities for collaboration and partnerships with innovative companies. They will also receive support from a network of experienced industry experts and mentors, providing crucial advice on product development and market strategy to ensure long-term success.
Kailash Nath, AVP-Head of Seed Investments at Chiratae Ventures, added, “Technology has become a crucial differentiator for early-stage ventures. This shift not only changes how founders build disruptive products but also introduces new ways for venture capital investors to evaluate seed-stage opportunities. Sonic gives us an invaluable perspective on the evolving DeepTech landscape in India as we back ambitious entrepreneurs addressing large-scale challenges.”
Applications for the 2024 Sonic program are open from 21st August 2024 to 31st October 2024.
