B Capital Group, which has backed Indian startups such as Khatabook, has raised a new fund that is significantly smaller in size than the big global fund it had raised last year.
B Capital Group has raised $126.3 million (Rs 920 crore) for the new vehicle called B Capital Ascent Fund II, LP, according to a filing with the US Securities and Exchange Commission (SEC). The fund was raised from 30 investors, it added without giving further details.
According to a DealStreetAsia report, the fund seeks to make seed and Series A investments.
Last year, B Capital had closed its second global fund of $820 million (Rs 6,168 crore) to invest in growth-stage ventures.
B Capital was founded by Raj Ganguly and Facebook co-founder Eduardo Saverin in 2014. It invests in business-to-business (B2B) and business-to-business-to-consumer companies in enterprise technology segments including software-as-a-service, machine learning and security.
It also invests in fintech, health-tech, consumer-enablement technology, and transportation and logistics.
The firm typically invests between $10 million and $60 million in companies at Series B, C and D stages. It has invested in around 30 companies in Europe, the US and Asia, including India, it said last year.
Its investments in India other than Khatabook include logistics startup BlackBuck, scooter and bike-sharing venture Bounce and a B2B marketplace for packaging materials Bizongo.