Chiratae Ventures Announces 2024 Cohort of Sonic Program
Aug 21 2024
Bangalore, [21st August] – Chiratae Ventures, India’s premier homegrown venture capital firm today announced the launch of the 2024 cohort of its flagship seed investment initiative,
Chiratae Sonic. Building on the remarkable success of previous editions, the Sonic program will continue to accelerate and democratise the fundraising process for early-stage tech startups. The initiative also offers standardised deal terms for equity investments and rapid due diligence with trusted partners.
In the previous two editions of Sonic, Chiratae invested ~$25M across 20 companies at seed and pre-series-A stages.
Key Highlights of Sonic 2024:
- Rapid Decision-Making: Chiratae Sonic has redefined seed investments by offering an unprecedented 48-hour turnaround on initial reviews for funding requests up to USD 500,000.
- Broader Funding Scope: This year’s program is expanding its reach, inviting applications from companies seeking to raise up to USD 2 million.
- Fixed Application Window: To fast-track the investment process, Sonic 2024 has introduced a fixed application window, open until 31st October 2024.
- Extensive Mentorship and Support: Founders will benefit from mentorship by leading industry veterans along with access to various perks and services to aid their growth.
Venkatesh Peddi, Managing Director, Chiratae Ventures, said, “Chiratae Sonic has played a key role in supporting the identification of promising early-stage startups. 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.”
While Sonic invites applications from companies across sectors, there is a particular focus on disruptive platforms across segments such as DeepTech, Generative AI, Climate Tech and Manufacturing Tech (Factory 5.0). Sonic’s previous cohorts include startups like BeepKart, Claimbuddy, Emitrr, HexaHealth, Metadome, LocaleAI and Skyeair among others
Ranjith Menon, Managing Director, Chiratae Ventures, said, “At Chiratae, it’s our privilege to have seen the entire life cycle of technology startups that have disrupted global industries, from Seed to IPO. Sonic is an initiative to deepen our engagement with the next wave of founders building frontier technology platforms defining the global economy in the next decade.”
The application window is live on the Chiratae Sonic website from 21st August 2024. For technology startups raising their seed investment round across sectors, the application window is open till 31st October 2024.
The 2024 Sonic cohort will also gain access to an array of exclusive partner benefits designed to accelerate their growth. This includes substantial cloud credits from leading providers, crucial for scaling operations with reduced overhead costs. Additionally, startups will tap into the Chiratae portfolio, offering them opportunities for collaboration and strategic partnerships with some of the most innovative companies in the industry. Beyond this, they will be connected to a vast network of seasoned industry experts and mentors, who will provide invaluable guidance on everything from product development to market strategy, ensuring that these startups are not just funded, but set up for long-term success.
Kailash Nath, AVP-Head of Seed investments, Chiratae Ventures, said, “The role of technology as a differentiator in early-stage ventures has assumed an exponentially higher level of importance in the recent times. Not only has this changed the way founders build disruptive products and platforms, it has also provided newer frameworks for Venture Capital investors to evaluate opportunities at seed stage. Sonic gives us a ringside view into the evolving DeepTech ecosystem in India as we continue to back audacious entrepreneurs solving population scale problems”
For technology startups across sectors, raising their seed investment round, the application window is live on the Chiratae Sonic website from 21st August 2024. Chiratae Sonic will be accepting applications till 31st October 2024.