Fund News
Pavestone marks final close of tech fund at Rs.816-Cr; to invest in 15 B2B firms
Pavestone Capital , a Hyderabad-based venture capital firm, has made the final close of its Pavestone Technology Fund, achieving a corpus of INR 816 crore.The firm, which initially targeted raising INR 600 crore, raised the corpus twice through the green shoe option, eventually revising it to INR 900 crore. The Self-Reliant India (SRI) Fund, the family office of Mankind Pharma promoters, and Colruyt Group India are among investors participating in the fundraise.Pavestone plans to invest in 14-15 early growth-stage business-to-business (B2B) technology companies with an average cheque size of USD 5-10 million.While the fund is sector-agnostic, it is focusing on areas such as generative AI, cloud computing, immersive reality, advanced connectivity, and engineering in areas like mobility, material science, bioengineering, and space. It also looks at long-term trends like digitalisation, ESG, and global supply chain realignment.Pavestone has already provided capital to five companies from this fund: no-code AI platform E42, in-space propulsion startup Bellatrix Aerospace, decarbonisation platform LivNSense, defence startup NewSpace Research & Technologies, and visual robotics platform Cynlr.
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