First Cheque
About First Cheque
First Cheque launched in 2018 under the India Quotient umbrella. It is based in Bengaluru, and some databases list Mumbai as its base. The firm started as an AngelList syndicate and later raised a second fund of INR 38 crore from global investors.
In its early years it worked through a network of founder-angel "Venture Partners", who are people who have built, run or exited tech companies. First Cheque co-invested alongside them. India Quotient partner Kanika Agarrwal now heads the First Cheque programme, and India Quotient founding partner Anand Lunia has commented publicly on the fund.
First Cheque says it has backed 250+ founders. Press coverage puts its portfolio at over 130 startups. Early investments include Giva, Rocketlane, Seekho, Fleetx and DrinkPrime. Entrackr reports a successful exit from jewelry brand Giva at a 75X return.
In a 2025 YourStory interview, Agarrwal said 12 to 13 First Cheque companies have gone on to raise from India Quotient's main fund.
Publicly named AI-related investments include Simplismart (generative AI) and Ambitio, an AI-powered admissions platform. First Cheque led Ambitio's INR 1.55 crore pre-seed round. It also took part in the $2.6M seed round of Crux (YC W24), which builds embedded AI co-pilots for B2B SaaS teams. First Cheque has also posted about Fego.ai, a portfolio company acquihired by Perfios, and about 30 Sundays' $6.7M Series A led by Bessemer. 30 Sundays is building an AI-native holiday planning platform.
First Cheque targets ideation, pre-seed and MVP stages, including teams at the "paper-plan" stage. Entrackr reports an average first cheque of up to $500,000. Agarrwal described the range as $400K to $500K. Earlier posts show smaller cheques: INR 10 to 20 lakh at launch, and INR 25 to 75 lakh in a later operating guide.
The firm is sector-agnostic and has named SaaS, edtech, HRtech, fintech, spacetech, gaming, web3, cleantech and D2C. Its third cohort emphasised D2C categories such as kids' brands, sports brands and white goods. It invests mainly in India. The Crux investment shows it also backs founders with a US presence.
- Giva: D2C jewelry brand; early backer, later exit reported at 75X
- Rocketlane: SaaS startup; early investor
- Seekho: upskilling platform; early investor
- Fleetx: fleet management platform; early investor
- DrinkPrime: water supply startup; early investor
- Simplismart: generative AI startup
- Ambitio: AI admissions platform; led its INR 1.55 crore pre-seed round
- Crux: embedded AI co-pilots for B2B SaaS; participated in its $2.6M seed round
- Fego.ai: consumer finance tools; acquihired by Perfios
- entrackr.com/snippets/early-stage-vc-firm-first-cheque-to-invest-in-15
- yourstory.com/2025/12/india-quotients-latest-fund-playbook-kanika-agar
- india.entrepreneur.com/news-and-trends/first-cheque-closes-its-second-
- medium.com/first-cheque/how-to-raise-money-from-first-cheque-9903bf48e
- medium.com/first-cheque/introducing-first-cheque-60cff00b464c
- in.linkedin.com/company/firstcheque
- x.com/firstcheque?lang=en
- tracxn.com/d/venture-capital/first-cheque/__WfYCZFx5iMERFbIhJ5oFDfr0Gz
Investing activity
First Cheque is listed on Lounge as an angel investor based in Bengaluru, Karnataka, India. The deals desk records Series A and later AI rounds and seeds over $10M, so smaller checks may not show here yet.
Deals
Frequently asked questions about First Cheque
What check size does First Cheque write?
Press reports an average first cheque of up to $500,000, and a partner described it as $400K to $500K at the paper-plan stage. Earlier posts cite INR 10 to 20 lakh and INR 25 to 75 lakh ranges.
What stage does First Cheque invest in?
It invests at ideation, pre-seed and MVP stages, often in a company's first funding round. Its X profile describes it as investing "from idea to MVP".
Does First Cheque invest in AI startups?
Yes. Its portfolio includes Simplismart, Ambitio and Crux, and it is sector-agnostic. Its main focus is India.
Who is behind First Cheque?
It is a pre-seed platform within India Quotient. Kanika Agarrwal, a partner at India Quotient, heads the programme.
Where is First Cheque based?
LinkedIn and press list Bengaluru as its base. Some databases such as Crunchbase and Tracxn list Mumbai.
How can founders pitch First Cheque?
Its earlier operating guide said founders could send a deck or an MVP, with a typical turnaround of about two weeks. Check firstcheque.vc for the current process.
Is First Cheque an angel investor?
Yes. First Cheque invests personally as an angel.
How can founders reach First Cheque?
Founders on Lounge can see First Cheque's contact details in AI Investor Contacts (paid plans), check for a warm introduction through members who worked with them under Warm Paths, and add First Cheque to their Investor Pipeline to track the conversation.