Fund News
IvyCap Ventures closes Fund III at Rs.2,100-Cr
Mumbai-headquartered IvyCap Ventures has closed its Fund III at INR 2,100 crore to bring its total assets under management (AUM) to INR 5,500 crore.The firm will use the fund to invest in 25 companies with an average starting investment amount of INR 30-50 crore each. About 20% of the fund will be invested in existing portfolio companies where IvyCap will act as a co-investor when those businesses raise their next rounds.The third fund’s limited partners (LPs) include Indian financial institutions, the Indian Institute of Technology Alumni Trust and family offices. Close to 60% of the funds have come from the existing investors of IvyCap Ventures in Funds I and II.Separately, INR 100 crore has been earmarked for investment in seed-stage companies through a separate team collaborating with Indian Institutes of Technology, Indian Institutes of Management, incubation centres, accelerators and corporates.Around 40% of Fund III’s corpus has been invested in companies including Celsius, Agraga, Eggoz, ZestIot, Snitch, Beatoven.ai, and Dhruva Space. The fund has also made follow-on investments in portfolio firms of its previous funds such as LendBox, Miko, Biryani By Kilo, and BlueStone.
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