Orios Venture Partners on Friday said it has marked the final close of its Select Fund I at $30 million (Rs 222 crore) that primarily does follow on investment in existing winning portfolio companies.
Select Fund I will also make investments in late stage to pre-IPO companies whose founders it knows well, said Orios Venture Partners in a statement.
The fund was raised from multiple family offices and institutions, it added.
"Our proprietary Misfits (accelerator) programme graduates companies into Series A and the Select Fund aims to continue that partnership in the midstages to take the companies to unicorn valuations and IPOs, all along creating alpha returns for our LPs (limited partners),” said Rehan Yar Khan, managing partner, Orios Venture Partners.
Select Fund I has so far invested in Series D and E rounds of Pharmeasy that has snapped up bankers to float an initial public offering (IPO), and in the Series B and C rounds of milk producer and distributor Country Delight.
The early stage venture capital firm has also done a follow on investment in the Series C round of auto maintenance startup GoMechanic from the Select Fund I. It also invested in Mobikwik’s recent round in March 2021; and the pre-IPO round of Nazara Technologies.
The fund typically invests between $4 million and $8 million per company.
Set up by Khan in 2013, Orios raised its maiden fund in August 2014, securing about Rs 300 crore (about $50 million). The first fund had invested in over 20 startups, including online lingerie brand Pretty Secrets, beauty appointment booking app Ziffi, on-demand home services company TaskBob, internet-first daily affordable meal delivery company Yumist and budget accommodation provider Zo Rooms.
In February 2017, VCCircle reported that the Mumbai-based venture capital firm had closed the fundraising process for its $75 million second fund -- Orios Venture Partners II.
Its investments from the second fund include gaming company Zupee, agritech company Krishify , digital health company Beato, retail tech company Gully Network, fintech company MoneyOnClick, and EV-battery-as-a-service company Battery Smart.
Apart from Orios Venture Partners, other early stage venture capital firms have also raised a separate fund to make follow on investments in their existing portfolio companies at the late stage levels.
For instance, last year, Blume Ventures also marked the final close of its Opportunity Fund -- Fund IIA -- at $41 million besides marking the final close of its main third fund.
3one4 Capital marked the final close of its opportunities fund in late 2019.
India Quotient has also closed a $40 million Opportunities Fund.