Inventus Capital Partners, a venture capital firm, has made the final close of its third fund ‘Inventus- III‘ at INR 369 crore. This fund surge is the latest in a line of early-stage, technology-focused funds that have raised fresh capital in 2019, reported ET.
The development comes at a time when a number of marquee domestic and international VC firms have raised fresh capital, as they look to deploy funds in Asia’s third-largest economy, an increasingly competitive landscape.
The latest investment vehicle, which had an initial target corpus of INR 325 crore and which primarily looks to make Series-A bets, has been backed by a mix of institutional investors.
While, Inventus-III is the Silicon Valley and Bengaluru-based venture capital firm’s first India-dedicated fund, and is led by its local team, which comprises general partners Samir Kumar, Parag Dhol and Rutvik Doshi.
Prior to setting up Inventus-III, Inventus Capital Partners had primarily invested through its two US-based funds, which cumulatively had about $158 million under management. Inventus-III made its first close of Rs 200 crore in July last year.
Furthermore, the new fund, which typically invests INR 5-15 crore, has made five investments so far, including in SaaS startup Worxogo, smart helmet accessory maker BluArmor, local experiences and product discovery platform LBB, blockchain-based supply chain app Koinearth and children’s educational toy venture PlayShifu.