New Delhi, Jun 4 (PTI) Artha Venture Fund (AVF), an early-stage micro-VC fund, on Friday announced the final close of its debut fund at over Rs 220 crore.
The fund, which invests in B2B, B2C/D2C sectors and D2C enablers amongst others, had targeted raising Rs 200 crore.
'However, a surge of interest in Indian startups and the robust performance of the seed-plus fund's early investment made AVF overshoot its target and exercise the greenshoe option,' a statement said.
AVF is a Category I alternative investment fund that invests in startups across seed, pre-series A, and series-A levels of growth.
The fund had targeted closing the corpus by July 2021 but overachieved its target two months ahead of schedule.
Over 50 limited partners (LPs) participated in the fund, with almost half of the LPs increasing their investment commitments in the last three months, the statement said.
More than 50 per cent of the investments came from family offices, and from over 20 listed companies participating directly or through promoter entities, it said without naming the investors.
'NRIs, HNIs, super angels, and SIDBI invested the remaining capital. The fund has allocated over 65 per cent of its corpus for follow-on rounds and will make 10-12 seed-plus investments per year,' it said.
Anirudh A Damani, Managing Partner of Artha Venture Fund, said apart from exceeding the targeted raise two months ahead of schedule, almost 50 per cent of the first cohort of LPs doubled down on their earlier investments.
'Many referred us to people in their network. I welcome each LP to our investor family. Their reinvestment in, and promotion of, our fund within their network is a clear indicator that our fund strategy and structure resonates with them at a deeper level,' he added.
AVF had previously announced the second close of Rs 100 crore of the said fund in June 2019.
It has invested more than 25 per cent of the total corpus in startups such as Agnikul, LenDenClub, Kabbadi Adda, HobSpace, PiggyRide, Daalchini, and others.
The fund recently reinvested in Agnikul's series-A round and has six deals set in the pipeline for the next few months. AVF has been broadening investment opportunities by engaging with various accelerators across the country and cumulatively (through associations and directly) plans to support 40 accelerator stage investments through small cheques written from this fund. PTI SR SHW SHW