IvyCap Ventures closes 'Fund III' at Rs 2,100 crore, plans to invest in around 25 firms

IvyCap Ventures, a homegrown VC firm, has closed its third fund 'Fund III' at Rs 2,100 crore, the company said on Tuesday, April 30. With this, the VC firm's total assets under management (AUM) stood to Rs 5,000 crore.

With the 'Fund III', IvyCap plans to invest in around 25 firms at Series A level, with an average starting investment worth Rs 30-50 crore, it said.

"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," IvyCap Ventures further said,

The company has earmarked Rs 100 crore 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.