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Early-stage momentum: India Quotient raises $129M; Shadowfax IPO clearance reaffirmed
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India Quotient secured $129 million for a new seed fund as Shadowfax’s IPO approval was reaffirmed, signaling sustained investor appetite for early-stage India opportunities.
India Quotient closed a $129 million fifth fund to back pre-seed and seed-stage startups in fintech, SaaS, and consumer internet, targeting 35–40 investments with disciplined follow-ons. The firm emphasized governance and capital-efficiency in the current funding climate. Separately, hyperlocal logistics firm Shadowfax had its SEBI approval for an initial public offering reaffirmed, with plans to expand fleet, dark stores, and technology stack. The two developments underscore durable investor interest in early-stage India, despite global venture cyclicality and higher risk-adjusted hurdle rates.