Cornerstone Ventures to raise $250-M third fund in 2027

Mumbai-based Cornerstone Ventures is targeting the second half of 2027 to launch its third fund. The firm is targeting USD 250 million for this new investment vehicle.Additionally, the company plans to exercise the greenshoe option on its second fund, which is expected to settle between USD 170 million and USD 200 million.Founded in 2018 by Abhishek Prasad and Rajiv Vaishnav, Cornerstone Ventures focuses on business-to-business investments and intends to allocate 10% to 20% of its capital toward deep-tech, with a focus on space, advanced manufacturing and verticalised artificial intelligence solutions. Cornerstone intends to limit the portfolio of its third fund to 20 companies.Cornerstone’s maiden fund, sized at USD 50 million, is currently in its exit phase. The firm has completed three exits, including CreditNirvana, Wigzo and Intelligence Node, with two additional exits in the final stages. The firm reports an average multiple of 2.7x to 3.3x on these exits and anticipates that at least three companies from its remaining portfolio will head to public markets within the next three years.