The source also revealed that the firm is also raising a $40 million opportunities fund to invest in its best performing portfolio companies.
“We received great response from Indian and global family offices. As a seed fund, we have been able to provide many co-investment opportunities to our investors, and this is a win-win,” said Anand Lunia, managing partner at India Quotient.
While, according to a report, India Quotient’s fund sizes have jumped significantly as investors look to become more competitive in an era of abundant capital, and deals become more expensive.
It has gone from a $5 million first fund in 2013, to a $16 million second fund in 2015, to the current $60 million third fund, in addition to the $40 million opportunity fund, the report added.
“The bar for raising money is getting higher even for good companies. With a $60 million primary fund and the $40 million opportunities fund working in tandem, we will now be able to support our companies much longer in their journey,” Lunia further said.
“Small business in India now needs technology to help with compliance. These businesses are already comfortable with storing data on cloud, making it an emerging opportunity,” Lunia added.