DVC has announced the closing of an oversubscribed US$ 80 million fund (the target amount was US$ 75 million) and is set to become one of the largest technology focused funds to operate out of Dallas, Texas, USA. DVC is also currently raising a separate fund in India, DVC India Fund 1, to provide opportunities to Indian investors and has raised US$ 20 million of its US$ 50 million target. DVC US Fund II plans to invest alongside its US$ 50 million India fund, making it a true cross-border venture capital fund that is poised to bootstrap two large start-up ecosystems in the US and India. DVC plans to invest about US$ 130 million in Enterprise focused B2B SaaS startups over the next five years through both its funds.
DVC was founded in 2020 by Dayakar Puskoor, a serial entrepreneur, and co-founded by Abidali Neemuchwala, former CEO of Wipro Limited and a 30-year veteran public company, information technology, and investment executive. The DVC team spread between the US and India is a fine blend of entrepreneurs and industry leaders with global technology and investment experience. The fund focuses on early and growth stage companies in B2B SaaS sector focused on leveraging deep tech in the areas of cloud, AI/ML, XR, Data, and other emerging technologies with infrastructure software or industry vertical focus. DVC is known for its proprietary sourcing methodology through its extensive network of advisors that include CIOs, CXOs, industry experts, and technologists. The team has invested in 27 startups which include companies across the US and India with nine successful exits over the last decade. Some of the portfolio companies like HyperVerge and Corestack have emerged as leaders in their respective segments.
“We are overwhelmed by the response to our DVC Fund II and particularly pleased with the recognition as a cross-border VC by our investors as they benefit from the start-up revolution that is taking place in India,” said Dayakar Puskoor, Managing Director, DVC.
“The extensive due diligence performed by our strategic investors has sharpened our investment thesis. The continued guidance of our strategic investors and advisors are going to help us create differentiated value for our portfolio companies,” added Puskoor.
“We partner with our portfolio companies as mentors offering strategic guidance during the most important phase of the start-up’s journey to accelerate their revenues from $1 million to beyond $10 million through our time tested and honed DVC Advantage program leveraging our network of venture partners and advisors,” said Abidali Neemuchwala, Co-founder and Director, DVC.
“Our experience and familiarity with both US and India enable us to bring exceptional operational and growth strategies to our portfolio companies,” added Neemuchwala.