Mumbai : Raised by early stage investor 3one4 Capital 1,000 crore for its third major fund from both domestic and international institutional investors. Fund has exceeded its target of The Indian startup ecosystem is becoming increasingly attractive as Rs 750 crores ride on strong investor interest.
The venture capital (VC) firm started its third flagship fund raising in 2020. It has raised five funds since its inception in 2016, including three flagships and two follow-on funds. It was founded by Pranav and Siddharth Pai, who are founding partners of 3one4 Capital, and counts Licensing, LoanTap, Ku and Darwinbox as its portfolio firms.
New investors in the third fund include CDC Group Plc, UK Sovereign Development Finance Institution, Japan-India Fund-of-Fund-Nippon India Digital Innovation AIF (NIDIA); South Korean video gaming giant Crafton, Inc. and major Indian endowments and foundations such as Catamaran and Premji Invest. The fund has also raised capital from some large domestic banks and manufacturing, insurance and financial services companies.
“It is a combination of the efforts made on the performance and governance front and obviously the macro environment has been positive. Our startups have grown, we have our first unicorns and next year we will have more unicorns. On the governance front, we are now the first approved UN PRI signatory from India,” said Pranav Pai, founding partner, 3one4 Capital. VC investments in India and we have a record allocation of a global pool of capital in India’s strategy. This means that Indian VC firms are in demand now,” he said.
Fund III will continue to focus investor attention on its core strategy to build a portfolio of 25-30 early stage startups for each fund. It will support SaaS and enterprise automation, fintech, direct-to-consumer, digital media and deep technology startups.
Never miss a story! Stay connected and informed with Mint.
download
Our App Now!!
,