Early-stage venture firm 100X.VC announced the appointment of its new partner, CA Utpal Doshi. He has been onboarded as Partner, Corporate Venture Capital.
Utpal, a seasoned tax and finance professional, with an experience of over 20 years, will bring to the table his expertise of working closely with startups as an angel investor for international and domestic corporate clients, a statement said.
Over the years, corporate venture capitals have become a major source of funding for startups. Among startup funding, CVC deals in Indian startups have seen a 27% average annual growth rate with Reliance, Tata, Aditya Birla and Mahindra’s leading the foray in startup investments. These corporations are strategically investing in firms that are building allied technologies or working in adjacent sectors to create an ecosystem of related services for inorganic growth, according to the statement.
Utpal’s expertise lies in advising on strategic expansion and exploration of new markets which are at the core of CVC practice. Through Corporate Venture Capital services, 100X plans to unlock strategic, financial and technological ROI through access to credible deal flow with the long-term objectives of the corporates, the statement said.
On Utpal’s appointment, Ninad Karpe, Partner at 100X.VC, said, “Utpal comes with a mix of experience in the finance and investment ecosystem. We are delighted to have him on board. At 100X.VC, we are excited to see him steer the next phase of growth for the organization and expand our scope of investment areas.”
Utpal Doshi, Partner, Corporate Venture Capital, 100X.VC said, “ Today corporate venturing is providing enterprises a new and more robust mechanism to stay ahead of the curve. I am excited to help corporates discover credible deal flow where 100X.VC dominates. I look forward to work with the management and corporate development team to discover the right alternatives for corporate venturing strategy”
With the appointment, Mumbai-headquartered 100X.VC now has six partners; Sanjay Mehta, Ninad Karpe, Yagnesh Sanghrajka, Shashank Randev, Vatsal Kanakiya and Utpal Doshi.
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