Venture capital firm BLinC Invest on Thursday announced final close of its Fund II at Rs 100 crore.
The Mumbai-based firm aims to make 5-7 investments across edtech and fintech startups, with an average cheque size of Rs 10-20 crore.
Last year in April, BLinC Invest announced the launch of a Rs 100-crore Category-II Alternative Investment Fund (AIF) and its first close of Rs 30 crore.
The Fund has also made its first bet on an insurtech startup Vital, leading its Series A round, it said in a statement.
“We take immense pleasure in offering our extended help by way of funding as well as expertise to both edtech and fintech sectors as they are undoubtedly the backbone of the Indian economy. Technology has emerged to be the key enabler to the success of these early-stage companies, and we believe these two sectors show the most potential from a perspective of scale and profitability in light of the monumental positive impact that have on their users and their lives,” said Amit Ratanpal, Founder and Managing Director, BLinC Invest.
According to BLinC, India has over 10,000 startups across edtech and fintech which needs funding, Blinc’s new fund primarily aims to invest early and help startups scale.
The firm structured criteria to chart its startups for funding, it will back startups which has a ready product, over Rs 2 crore in revenue and market validation.
BLinC has invested over Rs 300 crore in 25 companies and had eight exits, it added.
Recently, there has been a slew of capital raise from early-stage venture funds.
VCCircle in February reported that Gemba Capital announced the initial closing of its maiden $10 million fund (around Rs 75 crore).
