Early-stage venture capital firm Inflexor Ventures on Thursday said that it has marked the final close of its new fund at over Rs 600 crore ($80.8 million), overshooting its target corpus of Rs 500 crore.
Limited Partners (LPs) in the fund include SBICap Ventures, Small Industries Development Bank of India (SIDBI) via its fund of funds for startups, and Survam (Sumankant Munjal Family Office), said Inflexor in a statement.
Domestic family offices and ultra-high net worth individuals (UHNIs) including founders of technology companies also invested in the fund, it added.
“We started the fundraise during the first wave of Covid-19 last year and did the final close during the second wave. Despite the tough conditions, we are happy that we exceeded our domestic fund corpus target," said Venkat Vallabhaneni and Jatin Desai, managing partners, Inflexor.
Inflexor Technology Fund, a Securities and Exchange Board of India-registered alternative investment vehicle, had marked the first close at Rs 230 crore in September last year.
The fund is sector agnostic with primary focus on business to business (B2B) enterprise startups leveraging deep technology. It invests in pre-Series A and pre-Series B stages with initial cheques of Rs 5-20 crore plus follow-on rounds based on the startup's performance. The fund aims to invest in around 25 startups in the next three to four years.
The fund was floated by Vallabhaneni and Desai, who co-founded Parampara Capital. Pratip Mazumdar, ex-IDFC executive, is also a partner at Inflexor Ventures.
The fund has so far made four investments -- Steradian Semiconductors, which develops AI based surveillance systems for autonomous vehicles; PlayShifu, which makes AR based edtech toys; Vitra.ai, an AI-ML based content translation platform; and Kale Logistics, an AI and blockchain enabled logistics tech company.
This year has seen several venture capital firms announce fundraising milestones and float new funds.
Just last week, early-stage venture capital firm India Quotient, which has backed startups such as ShareChat and Lendingkart, raised $64 million (Rs 474.2 crore) for its fourth fund.
Earlier this month, micro venture capital firm Artha Venture Fund raised investor commitments worth more than Rs 220 crore ($30 million) for its debut fund, overshooting its target to raise Rs 200 crore.
Also in June, early-stage venture capital fund WEH Ventures launched its second fund with a target to raise Rs 100 crore.
Last month, Blume Ventures, which has invested in startups such as Unacademy, Grey Orange, Dunzo and Purplle, was reported to be launching its fourth fund. In January, South Korean financial services firm Mirae Asset, which has invested in Indian startups such as Ola, Zomato and Bigbasket, launched an India-focused early-stage fund.
Earlier this year, Endiya Partners and Fireside Ventures marked the final close of their new funds.