IvyCap Ventures closes Fund III at Rs 2,100 Cr

Early-stage venture capital firm IvyCap Ventures Advisors Private Limitedhas announced the closure of its Fund III at Rs 2,100 crore. Notable investors in the Fund include Indian institutions, the IIT Alumni Trust, and select family offices.

Currently, 40% of the fund's assets have been deployed in companies such as Celcius, Agraga, Eggoz, ZestIot, Snitch‎, GradRight, Flexifyme, Beatoven.ai, and Dhruva Space. It has also reinvested in companies from its previous funds, such as LendBox, Miko, Biryani By Kilo, BlueStone, and others.

"We owe this achievement to the trust our investors have bestowed on us across our Funds. 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,” said Vikram Gupta, Founder and Managing Partner, IvyCap Ventures. 

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Approximately 60% of the funds have been contributed by existing investors from IvyCap Ventures' Funds I and II, the company revealed. With this closure, IvyCap Ventures' total Assets Under Management (AUM) have surged to Rs 5,000 crore ($600 million).

The fund will allocate investments to 25 companies at Series A, with an average initial investment ranging from Rs 30 to 50 crores. Around 20% of the Fund will be directed towards existing portfolio companies of IvyCap Ventures, a statement issued by the firm noted. 

In such cases, the VC firm will serve as a co-investor during fundraising rounds for these companies, refraining from providing secondary funding to their prior Funds.

Furthermore, Rs 100 crore has been set aside for investment in seed-stage companies through a team utilizing the IvyCamp platform, by collaborating with partners such as IITs, IIMs, incubation centers, accelerators, and corporates.