Early stage VC IvyCap Ventures announces final close of third fund at Rs 2,100 crore
IvyCap Ventures, which backed startups such as BlueStone, Purplle and Biryani By Kilo, has announced the final close of its third fund at Rs 2,100 crores.
Through this fund, the firm plans to invest in about 25 early-stage startups, with average starting investment amount ranging from Rs 30-50 crore. It has already deployed 40% of the capital from the third fund to startups such as Dhruva Space, Snitch, Celcius Logistics, GradRight, Eggoz and Flexifyme.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Product ManagementVisitIndian School of BusinessISB Professional Certificate in Product ManagementVisitIIM LucknowIIML Executive Programme in FinTech, Banking & Applied Risk ManagementVisitThe capital for IvyCap’s third fund has primarily been raised from domestic limited partners, or sponsors of funds, including institutions like IIT Alumni Trust, and local family offices, it said in a statement.
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The third fund had made its first close at Rs 1,608 crore in February 2022. It had come at a time when several investment firms in India were increasingly raising rupee-denominated capital to back startups. These included A91 Partners, Stellaris Venture Partners, Alteria Capital, and Edelweiss Alternative Asset Managers.
IvyCap said 20% of the fund is earmarked for investing in its existing portfolio companies, with the firm stepping in as a co-investor during these companies' future fundraising rounds.
A war chest Rs 100 crore has been set aside for
