Early-stage venture capital firm Blume's fourth fund raises $105 million
Blume Ventures, an early-stage venture capital firm, has closed the first $105 million of its fourth India-focused fund, hoping to raise $200 million, which will be largest so far.
The investor, which has funded Unacademy, Spinny, and Purplle, primarily invests in technology startups throughout the pre-seed to pre-Series A investment rounds and has amassed a huge portfolio over the last decade.
Blume anticipates finalizing the deal by the end of the current fiscal year.
Last year, the firm's Fund-III raised $102 million, with a $41 million Opportunity Fund supporting a select set of entrepreneurs.
The venture capital firm joins a long list of India-focused funds that have raised big sums to invest in new economy companies.
A91 Partners, Stellaris Venture Partners, 3one4 Capital, and Chiratae, have all raised larger sums in comparison to past editions to stay competitive in a hectic dealmaking environment.
Limited partners, or fund sponsors, are likewise interested in betting big on India's internet economy and have supported these funds to take advantage of the opportunity.
The unprecedented interest in the country comes amid record levels of global liquidity, increased adoption of digital platforms during the Covid-19 outbreak, and a flurry of domestic IT IPOs (IPOs).
According to Blume, the India venture market has become even more lively and resurgent, with an unending stream of future unicorns, based on recent successful and oversubscribed IPOs.
“A larger Fund IV gives us the ability to participate longer through the lifecycle of our portfolio companies, and our target of $180-$200 million allows us to back companies deeper, while staying true to our ‘conviction capital’ investment philosophy,” the company said in a statement.
Blume was created in 2011 with a purely domestic capital of Rs 100 crore raised from high net-worth individuals and managed by partners Karthik Reddy, Ashish Fafadia, and Sanjay Nath.
Blume Ventures said in March that it had raised Rs 350 crore in a new secondary fund it had launched with Avendus Capital. This vehicle invests in and supports the fund's winning portfolio firms for a longer period of time. According to the announcement, Blume Ventures Fund 1X “will allow interested new investors, existing Blume Fund I and allied entities’ investors, to hold the top performers in Fund I for an additional period of four to five years,” it said in the statement.
The investor, which has funded Unacademy, Spinny, and Purplle, primarily invests in technology startups throughout the pre-seed to pre-Series A investment rounds and has amassed a huge portfolio over the last decade.
Blume anticipates finalizing the deal by the end of the current fiscal year.
Last year, the firm's Fund-III raised $102 million, with a $41 million Opportunity Fund supporting a select set of entrepreneurs.
The venture capital firm joins a long list of India-focused funds that have raised big sums to invest in new economy companies.
A91 Partners, Stellaris Venture Partners, 3one4 Capital, and Chiratae, have all raised larger sums in comparison to past editions to stay competitive in a hectic dealmaking environment.
Limited partners, or fund sponsors, are likewise interested in betting big on India's internet economy and have supported these funds to take advantage of the opportunity.
The unprecedented interest in the country comes amid record levels of global liquidity, increased adoption of digital platforms during the Covid-19 outbreak, and a flurry of domestic IT IPOs (IPOs).
According to Blume, the India venture market has become even more lively and resurgent, with an unending stream of future unicorns, based on recent successful and oversubscribed IPOs.
“A larger Fund IV gives us the ability to participate longer through the lifecycle of our portfolio companies, and our target of $180-$200 million allows us to back companies deeper, while staying true to our ‘conviction capital’ investment philosophy,” the company said in a statement.
Blume was created in 2011 with a purely domestic capital of Rs 100 crore raised from high net-worth individuals and managed by partners Karthik Reddy, Ashish Fafadia, and Sanjay Nath.
Blume Ventures said in March that it had raised Rs 350 crore in a new secondary fund it had launched with Avendus Capital. This vehicle invests in and supports the fund's winning portfolio firms for a longer period of time. According to the announcement, Blume Ventures Fund 1X “will allow interested new investors, existing Blume Fund I and allied entities’ investors, to hold the top performers in Fund I for an additional period of four to five years,” it said in the statement.
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