Venture capital firm Nexus Venture Partners, which has backed the likes of Delhivery, Zepto, Rapido and software unicorns such as Postman, Druva, and Hasura announced the close of its latest fund at $700 million.

Nexus Ventures VII will continue to back entrepreneurs in the US and India, across segments such as artificial intelligence, software-as-a-service (SaaS), fintech, and commerce, the firm said in a company blog. In the past, Nexus has been an aggressive backer of India’s SaaS story, having several new-age unicorns from the segment in its portfolio.

“With one of the largest developer bases in the world, India is emerging as a key innovation and talent hub for global companies driving AI and software revolution. India is also amongst the fastest-growing economies on the planet, with accelerating digital consumption powered by the best-in-class mobile data networks and advanced payments infrastructure,” the venture fund said in its prepared statement.

Limited partners in the Nexus fund include several global pension funds, family offices as well as endowment funds, the firm said. The fund close comes at a time when the technology industry globally and in India has seen a major shift as companies cut costs due to investors pulling back from public and private markets. Venture capital funding for startups fell 30% in 2022 to $23.95 billion compared to the record highs of 2021, when Indian new-age companies raised $35.46 billion in investments,

Founded in 2006 by Naren Gupta, Sandeep Singhal and Suvir Sujan, Nexus Venture Partners was one of the first Indian venture capital firms to invest in software startups across India and the US. Gupta passed away in 2021. The fund is an early investor in logistics tech startup Delhivery which went in May last year. Other notable initial public offerings (IPOs) from its portfolio include Pubmatic, which listed on the US-exchanges in 2021.