IvyCap Ventures, a homegrown venture capital (VC) firm, announced the successful closure of its ‘Fund III’ at Rs 2,100 crore, thereby bolstering its total assets under management (AUM) to Rs 5,000 crore.
This latest fund, ‘Fund III’, is earmarked to back approximately 25 companies at the Series A level, with initial investments averaging between Rs 30-50 crore.
In a statement, IvyCap Ventures revealed that a portion of the fund, around 20 percent, will be directed towards existing portfolio companies. Here, the firm will participate as a co-investor during subsequent funding rounds, refraining from offering secondary funding to their prior funds.
Moreover, a dedicated sum of Rs 100 crore has been set aside for investments in seed-stage enterprises, fostering collaborations with esteemed partners such as IITs, IIMs, incubators, accelerators, corporate entities, and other relevant platforms.
Among the fund’s investors (limited partners) are prominent Indian institutions, including the IIT Alumni Trust and select family offices.
Expression of thanks by the Founder and Managing Partner of IvyCap Ventures, Vikram Gupta, “We have always believed in the potential of domestic capital and feel fortunate for the invaluable backing of India’s leading institutional investors across all funds."
Around 40 per cent of the corpus has already been invested in various companies, Celcius, Agraga, Eggoz, ZestIot, Snitch, GradRight, Flexifyme, Beatoven.ai, and Dhruva Space have significant investments.
The fund has also made follow-on investments from the previous fund into Lendbox, Miko, Biryani By Kilo, BlueStone, among others.
IvyCap Ventures has managed to grow a solid portfolio of companies comprising almost 50 companies across diverse sectors over the years.
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