Blume Ventures has today announced that the VC firm has made the final close of its third fund (Fund III) after raising $102 million. With this, it has become the first homegrown capital firm to cross the milestone of $100 million in a single fund.
It has revealed that for the third fund, Blume received backing from its existing Limited Partners (LPs) as well as new institutional investors from global markets. However, it has not disclosed their identities.
The venture capital firm, which is among the most prominent in India’s early to mid-stage investing ecosystem, was started in the year 2011 by Karthik Reddy and Sanjay Nath. The fund was initiated with a corpus of ₹100 crore while closing $60 million in 2016. Come 2020, and the fund has announced the close of its third fund at $102 million. An initial $40 million for this fund was raised back in 2018, with which the firm made certain investments.
With this fund, the firm says that it will continue to invest money in early-stage startups focusing on two major opportunities in India — mobile-led explosion of the digital-first economy, and Indian engineering and science to global market opportunities.
While Blume Ventures has invested in over 10 startups so far with the new fund, the firm is planning to take the number to about 25 to 30 investments.
The new fund aims to write an initial cheque of $500,000-$1.25 million with ticket size as large as $3-5 million. It has also expanded its early-stage investment team resources to cover areas like enterprise software, drones, robotics, core sciences, and deep tech.