Artha Venture Fund, a Mumbai-based early-stage micro-VC fund, has raised Rs 225 crore ($30 million) toward the final close of its maiden fund. The debut fund aims to make 10-12 investments per year at the seed, pre-series A, and Series A stages and will allocate over 65% of the corpus for follow-on funding. In terms of target sectors, it will focus on business to business (B2B), business to consumer (B2C), direct to consumer (D2C) startups, and D2C enablers.
In a statement, Artha Venture Fund said, 50+ limited partners (LPs) participated in the fund, with almost half of the LPs increasing their investment commitments in the last three months. Around half of the new fund has been raised from family offices in the United States, United Arab Emirates, Israel, Russia, Morocco, and the Middle East.
The remaining capital was pooled by non-resident Indians (NRIs), high net worth individuals (HNIs), super angels, and Small Industries Development Bank of India (SIDBI), the statement said.
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Since its inception in late 2018, AVF, led by Anirudh A Damani, a second-generation investor, is part of Artha Group with investments in 85+ startups across India, the US, and Israel like OYO Rooms, Purplle, Tala, Coutloot, Karza Technologies, Mobilewalla, Interstellar, and more.
AVF had previously announced the second close of Rs 100 crore of the said fund in June 2019. It claims to have invested more than 25 percent of the total corpus in category-winning startups such as Agnikul, LenDenClub, Kabbadi Adda, HobSpace, PiggyRide, Daalchini, and others.
With domestic investors becoming increasingly active in early-stage investments, a slew of funds has been raised from family offices and UHNIs. These include IIFL Special Opportunities Fund, Alteria Capital’s second fund, Trifecta Capital and Stride Venture’s second fund, and Avataar Ventures.
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