Venture capital firm 3one4, has launched its third early-stage fund worth $100 million, as it looks to invest in more early-stage startups.
The investment firm led by Pranav Pai and Siddarth Pai, sons of renowned Infosys senior executive TV Mohandas Pai, looks to invest in 25-30 startups using this new fund. They will continue to target upcoming startups in SaaS and enterprise automation, direct-to-consumer, media & content, fintech, and deep technology.
Moreover, the company has already collected 40% of the targeted corpus of $100 million from existing and new investors. It aims to raise the rest of the fund from family offices, foundations, financial institutional investors and others.
Pranav, in an interview with TechCrunch told the company will continue to invest in a wide range of early-stage startups and is mainly focussing on Seed and Pre-series A funding.
Siddharth Pai, the managing partner of 3one4, said, “Our deep involvement model is designed to help founders optimize for sustainable growth by serving as a force multiplier on the path towards defensible long-term value creation”.
3one4’s first two funds, Rising I and Continuum I, made a final close in December last year at $6.5 million and $56 million respectively. Over the five years of the investment company, it has funded many widely-recognized startups such as Pocket Aces, Yulu bikes, Licious and DarwinBox. It handles over 50 startups in total to date with combined asset management of Rs. 1,550 crore.
The current downfall of the Indian economy has not discouraged VCs from increasing their portfolios. After the political rift with China and the wide-spread boycott of Chinese firms and investors, Indian investors have stepped up to back Indian startups and help in reviving the country’s economy.