Delhi-based Scale Ventures which is a venture capital firm that invests primarily in early-in-revenue start ups announced that it has acquired portfolio of Delhi-based Guerrilla Ventures. Guerrilla Ventures is founded by Dr. Ritesh Malik, who is also founder of Y Combinator backed co-working space Innov8 located at Connaught Place, Delhi.
Scale Ventures announced that they have formally signed an agreement to acquire Guerrilla Ventures. Till date, Guerrilla Ventures has funded over 21 startups including Asimov Robotics, Radix Healthcare, Harvin Academy, Fin, Innov8 and many more with an exit from seven startups. Founder of Guerrilla Ventures Dr. Ritesh Malik was the first investor & mentor of Fin Robotics, which became the first Indian hardware product company to raise a Series a venture funding. Dr. Malik, who is the winner of Forbes 30 under 30 Asia, is on a mission to make India the next BIG entrepreneurial hub of the world.
Nilesh Rathi of Rathi Group of Companies and Rahul Narvekar, ex- CEO, IndianRoots, are founders at Scale Ventures. The fund is obtaining registration from SEBI under category 1 AIF for $16Mn (INR 100 Cr.) corpus. In last two years, Rathi Ventures has invested in a number of small businesses in Pune. Both the founders started the company with same mindset of not just funding the start-ups but giving the right kind of mentorship which is far more vital at an early stage of a start up. Rahul and Nilesh are both batch mates from IIM-Calcutta.
Talking about the acquisition Co-Founder of Scale Ventures Mr. Rahul Narvekar says, “This acquisition with Guerrilla Ventures will open up attractive, fast growing market and new growth platform to Scale Ventures and will also accelerate its effort to not just innovate but grow together. He also added that, “We’re excited to bring with us Dr. Ritesh Malik with his immense expertise and relationships in the world of startups and building sustainable enterprises”. Furthermore he states, “Apart from Intelligence Quotient, another key component for startups is Emotional Quotient which is most important. At times entrepreneur feels lonely and need someone to discuss when things get tough, through Scale, we will help startup at those times. Scale Ventures will be more about collaborations where, we will provide our portfolio with right connections and help from the ecosystem.”
Scale Ventures is sector agnostic and will be investing in over 30 early stage startups by the end of the year. The investment will be between INR 30 lakhs to INR 3.5 Cr. With this the venture firm will be launching an accelerator program in the coming time which will be a physical campus focusing on startups in the Tier2, Tier 3, Tier 4 cities.
The acquisition value remains undisclosed whereas Dr. Ritesh Malik will join in as Board of Directors at Scale Ventures.