New Delhi-based early-stage venture capital firm Venture Highway has raised around ₹560 crores ($79 million) for its second fund from a clutch of Silicon Valley-based technology investors, reported ET.
Without disclosing the names of the investors due to confidentiality clauses, Samir Sood, Founder of Venture Highway, said, “This is the first time we have brought in external Limited Partners, all of whom can be described as iconic investors, primarily from Silicon Valley, and are a mishmash of tech founders, people who are in the VC business and are long on India.”
Venture Highway is looking to be the first institutional investor in startups with its new fund. Through the second fund, the firm will be cutting cheques ranging from $500,000 to over $1.5 million, while targeting around 30 deals.
The ticket sizes for the new fund are considerably higher from its maiden fund which ranged from $100,000 to $1 million.
According to Sood, the firm will also be seeking a seat on the board or a board observer status from the startups it backs.
Founded by Samir Sood in 2015, Venture Highway enables early-stage entrepreneurs through capital and guidance. From its first fund, the firm has invested in notable Indian technology startups like social ecommerce platform Meesho, vernacular social network platform ShareChat and online B2B marketplace for industrial tools.
Over the years, the Indian startup ecosystem has witnessed a rise in homegrown VC firms looking to focus on Indian startups. Some of the Indian VC firms actively investing in Indian startups include Kalaari Capital, Unicorn India Ventures and Ventureast, among many others.