Early-stage venture capital firm Blume Ventures has made the final close of its fourth India-dedicated fund with a corpus of $250 million, the firm’s biggest so far. Indian limited partners (LPs) predominantly large family offices and SIDBI accounted for 40% of the money raised in Fund-IV, with the rest coming from overseas-based family offices, foundations, sovereign funds and corporates.

Founded by Karthik Reddy and Sanjay Nath, Blume typically invests in pre-seed to pre-Series A funding rounds of technology companies and has built a large portfolio over the past decade holding positions in edtech firm Unacademy, quick-commerce platform Dunzo, fintech firm Slice, used-car selling platform Spinny, beauty e-tailer Purplle, and full-stack customer engagement platform Exotel.

Speaking to ET, Reddy said: “Clearly, the last 3-4 years of performance have led to a lot of faith in us as an emerging leader in the pack, which is why we have a whole bunch of new LPs (limited partners) from different geographies betting on us”.

Blume’s Fund-IV will be managed by its investment team of over 15 members, led by Sajith Pai, Arpit Agarwal, Ashish Fafadia, Sanjay Nath and Reddy. Through this fund, the firm plans to back 30-35 companies across different technology verticals such as fintech, deep-tech, robotics and artificial intelligence, healthcare, and consumer internet.