Indian early-stage investor IvyCap Ventures has soared to an INR16bn ($214m) first close for its third fund – three times more than it collected for its sophomore vehicle.
IvyCap is hoping to collect up to INR25bn for the final close of Fund III, which will target Series A investments in between 20 and 30 businesses.
LPs committed to Fund III include the State Bank of India, HDFC Life and Life Insurance Corporation of India.
IvyCap raised INR2.4bn for its debut fundraise in 2014, before hauling in more than double that with the INR5.35bn final close of Fund II in 2020.
Investments made by IvyCap over the years have included Indian peer-to-peer lending and credit marketplace startup Lendbox and online clothing retailer eShakti.
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