IvyCap Ventures, one particular of the a lot more prominent VC corporations from India possessing backed the likes of Purplle, Clovia, Bluestone among the many others, has declared 1st close of its incoming 3rd fund. The complete target corpus for the fund is ₹2000 crore (~$270Mn), of which practically ₹1608 crore (~$215Mn) has been closed. Virtually all of its past confined companions contributed in this third fund, with many new trader categories also pooling in.
Apart from its present LPs, new institutional traders together with banking companies, insurance coverage providers and the govt departments also invested in the fund. The fund also elevated funds from lots of family offices for the initial time, it mentioned without the need of disclosing their identities.
IvyCap, which originally invested mainly in D2C companies, has off late broadened its expense horizon to incorporate tech corporations as effectively. And the same expenditure philosophy will be carried forward in its third fund. The new fund will continue to aim on sectors this kind of as buyer tech, deep tech, healthtech, fintech, program as a service (SaaS) and edtech.
Ticket measurements would mostly keep on being the exact same. IvyCap would seem to make first investments in the ₹30-40 crore assortment, in all-around 20-30 businesses at their Series A stage. It will also reserve 20% of the new fund to co-spend in its present portfolio companies from the 2nd fund.
IvyCap, which depends heavily on creating money via some of India’s strongest alumni networks, initially released in 2014 with a ₹240 crore fund. It made 10 investments from the similar. Its next fund of ₹535 crore was released in 2020 and it invested in 23 providers with the similar.