Investment

Pavestone VC Announces Final Close of Rs 816 Cr Pavestone Technology Fund

• ByStartupStory     |    November 14, 2024

Pavestone VC, a Hyderabad-based venture capital firm, has announced the final close of its Pavestone Technology Fund with a corpus of Rs 816 crore (approximately $97 million). The fund exceeded its initial target of Rs 600 crore after being increased twice through the greenshoe option due to substantial investor interest.

The Pavestone Technology Fund saw investments from key players, including The Self-Reliant India (SRI) Fund, the family office of Mankind Pharma promoters, and Colruyt Group India. In June, the fund had also secured an investment of Rs 15 crore (around $1.8 million) from Colruyt Group India, further adding to its robust capital pool.

Founded in 2021 by Sridhar Rampalli, Srikanth Tanikella, and Laxmikanth V, Pavestone VC has established itself as a significant player in the growth-stage startup ecosystem. The firm primarily targets B2B technology companies within the deeptech and enterprise tech sectors, leveraging its maiden fund to invest in around 14 to 15 growth-stage companies, with an average investment of $5-10 million per company.

Pavestone VC has already made notable investments, backing companies such as E42, NewSpace Research & Technologies, LivNSense, and Bellatrix Aerospace. These firms are pioneering advancements in deeptech and enterprise tech, aligning with Pavestone’s focus on fostering growth in these high-potential areas.

Follow Startup Story