Chiratae Ventures, a leading Indian venture capital firm, has announced the launch of the 2024 cohort of its flagship seed investment initiative, Chiratae Sonic. This program, known for its rapid decision-making and streamlined investment process, aims to accelerate the growth of early-stage tech startups.
Building on the success of previous editions, Chiratae Sonic continues to democratise the fundraising process, offering standard deal terms and swift due diligence with trusted partners.
Sonic 2024
The Sonic program has become synonymous with quick turnaround times and extensive support for startups. One of the standout features of Sonic 2024 is the 48-hour decision window for initial funding requests up to $500,000. This rapid review process is set to redefine seed investments by providing startups with timely access to capital.
In addition to this, the 2024 edition has expanded its funding scope, inviting applications from companies seeking to raise up to $2 million.
Chiratae Sonic has also introduced a fixed application window for this year’s program, which will remain open until 31st October 2024. Startups that are accepted will benefit from an array of exclusive partner perks, including cloud credits from leading providers, strategic partnerships, and access to a vast network of industry experts.
The program is designed not only to provide funding but to ensure long-term success for participating startups. The program also offers extensive mentorship and support, with founders gaining access to industry veterans who will provide guidance on scaling their businesses.
In the previous two editions, Chiratae invested approximately $25 million across 20 companies at the seed and pre-series-A stages. The program has a proven track record of identifying and nurturing promising startups, with past cohorts including notable companies such as BeepKart, Claimbuddy, Emitrr, HexaHealth, Metadome, LocaleAI, and Skyeair.
“Chiratae Sonic has played a key role in supporting the identification of promising early-stage startups,” said Venkatesh Peddi, Managing Director of Chiratae Ventures. “Our focus on swift decision-making and extensive support has enabled founders to establish successful companies. We look forward to continuing this approach with the 2024 cohort, furthering technological innovation in India and beyond.”
Deeptech AI Investments
While Sonic invites applications from startups across various sectors, there is a particular emphasis on disruptive platforms in areas like deeptech, generative AI, climate tech, and manufacturing tech (Factory 5.0).
Chiratae Ventures India Advisors collectively manage over $700 million in funds and have invested in more than 80 companies across Consumer Media & Tech, Cloud/Software, Health-tech, and Fin-tech sectors.
The Indian AI startup has been witnessing a huge boost from VC firms who look to invest in promising and innovative tech companies. One of the prominent VC firms Accel confirmed investing in 27 AI startups in the last couple of years.
