Homegrown VC firm IvyCap Ventures closes ‘Fund III’ at Rs 2,100 crore

Homegrown venture capital (VC) company IvyCap Ventures on Tuesday said it has closed its ‘Fund III’ at Rs 2,100 crore, taking its total assets under management (AUM) to Rs 5,000 crore.

The ‘Fund III’ plans to invest in about 25 companies at Series A level, with an average starting investment worth Rs 30-50 crore.

IvyCap Ventures said in a statement that about 20 per cent of the Fund will be invested in the existing portfolio companies, where it will act as a co-investor when those companies are raising their next rounds, and will not provide secondary funding to their previous funds.

Additionally, Rs 100 crore has been earmarked for investment in seed-stage companies, collaborating with partners such as IITs, IIMs, incubation centres, accelerators, corporates and other platforms.

The Fund’s investors (limited partners) include the leading Indian institutions, the IIT Alumni Trust and a few family offices.

“We have always believed in the potential of domestic capital and feel fortunate for the invaluable backing of India’s leading institutional investors across all funds,” said Vikram Gupta, Founder and Managing Partner, IvyCap Ventures.

Currently, around 40 per cent of the corpus has already been invested in various companies, including Celcius, Agraga, Eggoz, ZestIot, Snitch, GradRight, Flexifyme, Beatoven.ai, and Dhruva Space.

Moreover, the Fund has made follow-on investments from its previous fund in companies like LendBox, Miko, Biryani By Kilo, BlueStone, and others.

Over time, IvyCapVentures has built a diverse portfolio of approximately 50 companies across sectors.