Venture Center BIRAC LEAP Fund

Overview

The Venture Center BIRAC LEAP Fund is a venture capital initiative based in Pune, India, dedicated to supporting innovative startups in the biotechnology and biomedical sectors. Operated by the Entrepreneurship Development Center (Venture Center), the fund aims to provide capital assistance to startups with new and meritorious ideas, innovations, and technologies, enabling them to pilot or commercialize their products and technologies. The funding support is positioned to act as a catalyst in bringing technologies and products forward, reducing their gestation period to commercialization. The fund emphasizes alignment with Venture Center's focus areas, specifically in biotech and biomed, and prioritizes product offerings over service offerings. It targets IP-rich enterprises with strong knowledge components. Eligible startups must be registered as private limited companies with a minimum of 51% ownership by Indian citizens and should have a formal business plan. The funding amount can go up to Rs 100 lakh, with the entrepreneur(s) willing to share equity in the venture. The typical terms for seed funding include the selected startup being a resident incubatee of Venture Center at the time of investment, with equity ownership in a private limited company. The investment amount can be up to Rs 100 lakh, with Board representation from Venture Center. Reporting requirements include bi-annual presentations to the LEAP Fund committee and annual financials/MIS. The fund aims to support startups in reaching critical milestones, with a clear value proposition and a credible technology, while considering potential market size and regulatory risks.

Investment Focus

• Minimum 51% ownership by Indian citizens
• Formal business plan
• Technically sound idea and team
• High ethical and professional standards
• Strong technology/knowledge component
• EHS requirements met
• Potential and credibility for future fundraising
• Registered as a private limited company or in the process of registration
• Funding requested less than Rs 100 lakh
• Willingness to share equity in the venture

Portfolio Companies