Equirus launches $25 Mn Equirus InnovateX Fund

Financial services firm Equirus has announced the launch of the Equirus InnovateX Fund (EIF) which is a $25 million investment fund and will be dedicated to support seed-stage tech companies.

Founded in 2007 by Ajay Garg, Equirus Capital is a full-service investment banking firm which offers services related to structured finance, capital markets, institutional equities, wealth management, and portfolio management to middle-market companies. It primarily caters to financial services, industrials, infrastructure, real estate, consumer, and healthcare sectors.

According to the Mumbai-based company, it will majorly focus on segments like software as a service (SaaS), deeptech, fintech, and other emerging sectors, with a primary focus on business-to-business (B2B) models. The $500,000 to $1 million fund will be invested in 15-20 companies showcasing proven track records of sustainable business models and strong monetization strategies.

Equirus claims that it has done more than 240 transactions across M&A, PE, IPOs, QIPs, rights issues, and structure finance raising. It also claims to serve more than 100,000 customers and worked with over 153 clients.

Equirus Capital's revenue from operations marginally grew by 3.6% to Rs 153.6 crore during FY23 as compared to Rs 148.3 crore in FY22. As per the company's consolidated financial statement with the Registrar of Companies, its profits dropped 37.8% to Rs 21.86 crore in FY23 from Rs 35.15 crore in the previous year.