Pavestone marks final close of tech fund at Rs 816 crore

economictimes.indiatimes.com:

venture capital firm, has made the final close of its Pavestone Technology Fund, securing a total corpus of Rs 816 crore.

The firm, which initially targeted raising Rs 600 crore, raised the corpus twice through the green shoe option, eventually revising it to Rs 900 crore.

Through this fund, Pavestone plans to invest in 14-15 early growth-stage business-to-business (B2B) technology companies with an average cheque size of $5-10 million.

The Self-Reliant India (SRI) Fund, the family office of Mankind Pharma promoters, and Colruyt Group India are among investors participating in the fundraise.

«The fundamental thesis of the fund is that we want to focus on enterprise technology, specifically companies that solve problems for large and public enterprises in the B2B space. That's about 80% of our fund,” V Laxmikanth, managing partner at Pavestone told ET.

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