IvyCap Ventures Successfully Closes Fund III at Rs 2,100 Crore, Aiming to Strengthen Startup Ecosystem

• ByStartupStory     |    May 1, 2024

IvyCap Ventures Advisors Private Limited, a leading early-stage venture capital firm, has officially closed its Fund III at an impressive Rs 2,100 crore. This closure marks a substantial increase in the firm’s Assets Under Management (AUM), which now total Rs 5,000 crore ($600 million).

Fund III has already seen active deployment, with 40% of the assets invested in innovative companies across various sectors including Celcius, Agraga, Eggoz, ZestIot, Snitch, GradRight, Flexifyme, Beatoven.ai, and Dhruva Space. Additionally, the fund has continued to support its existing portfolio companies like LendBox, Miko, Biryani By Kilo, and BlueStone from earlier funds, reinforcing IvyCap’s commitment to nurturing its investments over the long term.

“We owe this achievement to the trust our investors have bestowed on us across our Funds,” stated Vikram Gupta, Founder and Managing Partner of IvyCap Ventures. “We are very fortunate to have an incredible team who have been with IvyCap Ventures along its journey. We are also grateful to our Advisory Board, for their unwavering support since the inception of IvyCap Ventures. 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,” Gupta added.

Approximately 60% of the contributions to Fund III came from existing investors from IvyCap Ventures’ Funds I and II, highlighting the strong confidence and continuous support from its investor base. The strategy for the new fund includes plans to allocate investments to 25 companies at Series A level, with an average initial investment ranging from Rs 30 to 50 crores. About 20% of the fund will be directed towards bolstering existing portfolio companies, serving as a co-investor in subsequent fundraising rounds.

Moreover, IvyCap Ventures is setting aside Rs 100 crore for investment in seed-stage companies through the IvyCamp platform. This initiative aims to collaborate extensively with partners such as IITs, IIMs, incubation centers, accelerators, and corporates to foster early-stage innovation and entrepreneurial talent.

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