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Photo Credit: Shah Junaid/VCCircle

Kae Capital’s second VC fund crosses target, raises $53 mn

13 September, 2017

Early-stage venture capital firm Kae Capital has marked the final close of its second fund at $53 million (Rs 339 crore), surpassing its target of $50 million, thanks to high investor interest, according to media reports.

About 60% of the second fund came from domestic investors including Deep Kalra, chairman and group CEO of online travel services firm MakeMyTrip; Kris Gopalakrishnan, co-founder of software services major Infosys; and motorcycle maker Hero Group’s Sunil Munjal.

DealStreetAsia first reported the development citing Kae Capital’s founder and managing director Sasha Mirchandani.
An email query to Mirchandani did not elicit a response.

Other domestic investors in the fund include Nitish Mittersain of Nazara Technologies, Sanjay Kapoor of Genesis Color, Pranay Chulet of Quikr, Jitendra Gupta of Citrus Pay and Ashish Hemrajani of BookMyShow.

Global investors in the fund include Quilvest, Velos Partners and Axis Capital, in addition to Chinese and Japanese limited partners.

The second fund will focus on seed-stage deals with a sweet spot of $700,000-800,000. It may invest up to $5 million in Series A and Series B rounds.

The VC firm will also invest in non-tech consumer brand startups and continue to bet on consumer Internet and software companies.

Kae Capital has made six new investments so far this year, besides making follow-on rounds in two firms, according to VCCEdge, the data research platform of News Corp VCCircle.

Its new bets include investments in LoanTap Financial Technologies Pvt. Ltd, an online platform that offers loans and overdraft products to salaried professionals, and Protinus Infotech Pvt. Ltd, which operates payment platform Trupay.

Kae Capital raised its maiden $25 million fund in March 2012. The fund’s past investors include venture capital firms Sequoia Capital, SAIF Partners and Omidyar Network; three global fund-of-funds—Axiom, Squadron Capital and Morgan Creek Capital Management; and Manish Kejriwal, managing partner at Kedaara Capital.

Apart from Kae Capital, a number of other venture capital funds are also looking to close their respective fundraising rounds. IDG Ventures, Endiya Partners, Stellaris Venture Partners and Fireside Ventures have either made the first or final close of their funds to invest in startups.

Earlier this month, VCCircle reported that early-stage venture capital firm 3one4 Capital was in the late stages of closing its second fund after surpassing the target corpus.

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Kae Capital’s second VC fund crosses target, raises $53 mn

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