The fund, which focuses on seed and Series A rounds, was closed by venture capitalist Stellaris Venture Partners for $300 million.

The newest fund brings Stellaris total managed assets to more than $600 million. Existing Limited Partners (LPs) joined the new fund, as well as fresh commitments from global investors, including university endowments, foundations, pension funds and reputed fund of funds.

Stellaris estimates that Fund III will invest in between 25 and 30 startups in the areas of consumer tech, enterprise software, AI, and financial services.

In 2017, Ritesh Banglani, Alok Goyal and Rahul Chowdhri founded Stellaris, which has backed 44 startups across two funds. It invested early in consumer brand MamaEarth and digital adoption platform Whatfix. It invests in consumer brands Nestasia, bags and accessories brand Zouk, and credit-on-UPI platform Kiwi, among others.

The company closed its first fund at $90 million, and the second fund saw a sharp increase to $225 million.

Meanwhile, Stellaris has also promoted Naman Lahoty to the position of partner, who joined the fund in 2019 to focus on consumer investments.

Rahul Chowdhri said that the new fund is excited to back founders using technology to solve deep problems in large markets. Our group of former entrepreneurs and business builders brings deep expertise and global connections to support our portfolio companies throughout their journey.

The company also announced leadership updates. Naman Lahoty was promoted to partner, Chetan GMS was named chief financial officer, and Praseedha Premnath was elevated to general counsel. An AI/ML specialist formerly based in New York joined as Principal.