Gurugram: Budget carrier IndiGo Tuesday announced that its corporate venture capital fund, IndiGo Ventures, has received the Alternative Investment Fund approval from the Securities and Exchange Board of India (SEBI), according to an official statement.

Describing the development as a significant milestone in its journey to drive innovation, the company said, “The fund will invest in startups that have the potential to redefine the future of aviation and beyond, seeking pre–Series A, Series A and Series B funding.”

These include startups working on cutting-edge technologies and solutions within the aviation sector.

The fund will also look to invest in consumer startups that have a touchpoint in the passenger journey, such as travel, lifestyle, hospitality, transportation, etc.

The fund has commenced pre-investment activities, including engaging with select start-ups and their founders, the statement added.

GoIndiGoVentures.com has been setup as the portal to access further information about the Fund, including its investment thesis, the core valuation proposition for founders and details on governing entities and their membership.

The fund is expected to start investments by the end of FY 2024-25.

Speaking about this development, Neetan Chopra, Chief Digital & Information Officer, IndiGo, said, “As IndiGo embarks on this new journey with IndiGo Ventures, we are committed to fostering innovation, giving wings to aspirations, in aviation and beyond. The startups will benefit from IndiGo’s extensive technical expertise and diverse geographical imprint, leading to the development of new products and services.”