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Early-stage VC firm Kae Capital closes third fund at Rs.767-Cr

Mint  

Mumbai-based early-stage venture capital firm Kae Capital has announced the final close of its third fund with a corpus of INR 767 crore (about USD 94 million), nearly double its USD 53 million second fund. The third fund, which was launched last year with an initial target of USD 90 million, is backed by existing and new limited partners, such as Old Mutual Wealth, Velo Partners, and Finex, as well as domestic backers HDFC Holdings and Small Industries Development Bank of India (SIDBI). Infosys co-founder Kris Gopalakrishnan, Blackbuck's co-founder Rajesh Yabaji, Nazara founder Nitish Mittersain, BookMyShow's Ashish Hemrajani, Srikanth Velamakanni of Fractal Analytics, Jupiter's chief executive Jitendra Gupta and MakeMyTrip founder Deep Kalra are also among the fund's backers along with several family offices. The third fund will primarily invest in fintech, SaaS (software-as-a-service), consumer tech, B2B (business-to-business) commerce, healthtech, direct-to-consumer (B2C) brands and gaming startups. The firm plans to invest USD 2-3 million in pre-Seed to pre-Series A rounds. It plans to double the investments in Series A and B rounds, and may invest up to USD 10 million in a company.