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First Cheque is a Bengaluru-based venture capital firm founded to support early-stage startups, particularly at the ideation and pre-product stages. Established in 2019, the firm aims to be the first institutional capital for startups in India, providing essential funding and guidance to help founders navigate their early journey. The firm has successfully backed over 120 companies, demonstrating its commitment to fostering innovation across various sectors.
As of 2022, First Cheque has closed its second fund at $5 million, targeting investments in 50 startups with check sizes ranging from $100,000 to $500,000. The firm primarily focuses on the Indian market, leveraging its local expertise to identify and support promising startups. Notable milestones include the successful exit of Giva, a silver jewelry brand, which achieved a remarkable 75X return.
First Cheque invests primarily in teams at the Paper-Plan, Pre-Product, and MVP stages, offering funding of up to $500,000. The firm has a broad investment thesis that encompasses a variety of sectors, including SaaS, FinTech, Consumer Internet, Creator Economy, EdTech, B2B Marketplace, and D2C. This diverse focus allows First Cheque to support a wide range of innovative startups, ensuring that they receive the backing they need to thrive.
The firm seeks to invest in ambitious founders before they achieve product-market fit, providing the first institutional capital that helps startups gain credibility and access to further funding opportunities. First Cheque's approach is sector-agnostic, allowing it to adapt to emerging trends and technologies while maintaining a strong emphasis on early-stage investments.
First Cheque has backed over 120 companies across various sectors, showcasing its commitment to supporting early-stage startups. Notable portfolio companies include:
The portfolio also includes companies in sectors such as healthcare, commerce, and AI, reflecting First Cheque's diverse investment strategy.
Kushal Bhagia — Founder/CEO (departed to launch All In Capital in 2022; previously led investments at First Cheque and focused on early-stage startups).
Prateek Agarwal — Investments Lead (active as of 2023; involved in sourcing and evaluating new investment opportunities).
Gagan Goyal — Partner (background in technology and entrepreneurship).
Anand Lunia — Partner (expertise in consumer internet and early-stage investments).
Madhukar Sinha — Partner (focus on fintech and SaaS investments).
Kanika Agarrwal — Partner (background in healthcare and consumer sectors).
Sahil Makkar — Partner (experience in B2B marketplaces and operational support).
Kanupriya Shah — Partner (expertise in edtech and creator economy).
Vaishak Prashanth — Partner (focus on AI and deeptech investments).
To pitch First Cheque, founders should visit the firm's website at firstcheque.vc. It is advisable to include a detailed pitch deck that outlines the business model, market opportunity, and team background. First Cheque prefers pitches that are concise and focused, highlighting the startup's unique value proposition.
Response times may vary, but founders can expect to hear back within a few weeks. Warm introductions are beneficial but not mandatory.
In July 2022, First Cheque closed its second fund at $5 million, targeting investments in 50 startups. The firm has been active in deploying capital across its portfolio, with notable investments in companies like Rigi and CapGrid.
As of 2023, Prateek Agarwal continues to lead investments at First Cheque, following the departure of founder Kushal Bhagia. The firm has announced plans for a third fund, aiming to back 15–29 startups per cohort with check sizes up to $500,000.
What are First Cheque's investment criteria?
First Cheque focuses on pre-seed and seed-stage startups, particularly those at the Paper-Plan, Pre-Product, and MVP stages. The firm invests in a variety of sectors, including SaaS, FinTech, and EdTech, with check sizes ranging from $100,000 to $500,000.
How can founders pitch to First Cheque?
Founders can pitch their startups through the First Cheque website. It is recommended to include a clear business model, market opportunity, and team background in the pitch deck.
What makes First Cheque different from other VC firms?
First Cheque aims to be the first institutional investor for startups, providing not just capital but also strategic guidance and support. This approach helps startups gain credibility and access to further funding opportunities.
What is the geographic focus of First Cheque?
The firm primarily focuses on the Indian market, leveraging its local expertise to identify and support promising startups in the region.
What is the typical follow-on investment behavior of First Cheque?
First Cheque provides follow-on support to its portfolio companies but does not typically lead follow-on rounds. The firm focuses on being the first institutional capital for startups.
What is the fund size and check size range for First Cheque?
First Cheque's second fund closed at $5 million, with check sizes ranging from $100,000 to $500,000 for early-stage investments.
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