Japan's Incubate makes first close of $50-M third India fund

Incubate Fund Asia has announced the first close of its third fund, which had a target corpus of USD 50 million (around INR 416 crore). This is the third fund from the Japanese VC in India, which focuses on early stage investments. The fund aims to build a portfolio of around 20 startups. It will invest 40% of its investible corpus to create the portfolio and then use the balance to back the "winners" in its portfolio.