3one4 Capital is raising $100-million fund as the venture capital firm looks to back more early-stage startup in the world's second-largest internet market.
The new fund, the third for the Bengaluru-based firm, has already secured $40 million from new and existing investors, according to a company statement. With this, the five-year-old investment company now manages more than $210-million capital. It closed its last fund late 2019.
The company—founded by Pranav Pai and Siddarth Pai, sons of former Infosys CFO TV Mohandas Pai—has raised the funds from top-tier global and Indian investors as limited partners such as family offices, endowments, foundations, as well as corporate and financial institutional investors, it said in the statement without disclosing their names.
The company aims to continue its strategy of backing 25-30 early-stage startups from the new fund, besides making investments in sectors such as healthcare, machine learning-driven intelligent services, edtech, agritech, logistics and distribution, foodtech, mobility, and others. The company has so far backed more than 50 startups in India, including entertainment firm Pocket Aces, HR software provider DarwinBox, mobility firm Yulu, and meat delivery platform Licious.
While the third fund will make investments in ticket sizes between $500,000 and $4 million, it will make follow-on investments into later stages, the company said.
“The current paradigm shift has demanded the acceleration of disruptive business models and a rebalancing of the early-stage investment lens. With this new fund, 3one4 Capital is purpose-built to be deeply involved across the lifecycle of the next innovation engines from India,” Siddarth Pai, managing partner at 3one4 Capital, said.
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