Investment firm Antler India plans to double its investments this year (CY2024). The firm closed a ₹600 crore ($75 million) maiden India-focused fund early this year. It has invested in around 63 startups from the corpus and plans to invest in 100-120 more by the end of this calendar year. It primarily invests in pre-seed startups and works independently from its Singapore-based global entity.
Recently, Antler India led a $11 million pre-Series A funding round in Bengaluru-based ride-hailing startup Namma Yatri, along with Blume, with participation from Google. It said that Namma Yatri fits well in its key investment strategy, which revolves around backing startups building digital public infrastructure. Explaining further about its bet in Namma Yatri, Nitin Sharma, co-founder and partner, Antler India said, “In the last 12 years or so, there has been only one business model in the urban mobility space. Very little innovation has happened. Namma Yatri’s business model is disruptive and we are happy it is coming out of India”.
Sharma co-leads the India market for Antler along with Rajiv Srivatsa, co-founder, Urban Ladder.
“The business model is a new take that considers the driver community. The team follows a samaj sarkar bazaar model, where it brings community, government and business together,” added Sharma. Namma Yatri follows a subscription model, wherein it charges a per-day subscription fee from cab drivers, unlike its rivals Ola, Uber and Swiggy-backed Rapido who reportedly charge a commission of about 25-30% for each ride from their drivers in most markets.
Antler India is sector-agnostic, with a specific focus on SaaS, fintech and generative AI and startups building on large networks such as Open Network for Digital Commerce (ONDC). Gen AI in edtech, senior care, pet care, and lithium-ion alternatives are also some of the segments the firm is keenly analysing. Its key portfolio companies besides Namma Yatri include Houseeazy, IndiaP2P, Inspecity, Apnibus and LogX.
Launched in India in 2020, it is focused on day-zero investing. “We call it day-zero because we invest in entrepreneurs who are just getting started, sometimes before there is traction, team and even before the idea is finalised,” he added. The company claims that it also enjoys the added advantage of having a global network when backing early-stage startups. “We are present in 30 locations worldwide. This means any founder who is starting their journey with us in India can very quickly access a global network,” he said.