Cactus Venture Partners, which launched its debut fund back in 202, has announced the final close of its first fund. The fund closed after raising ₹630 crore (~$76 Million), making it one of the biggest first round closes for an India-based fund. The firm plans to invest in 15 startups from its debut fund, having already secured 5 companies and looking to invest in 10 more. Focus areas would be clean-tech, health-tech, B2B and SaaS products.
In terms of LPs participating in the round, VCCircle reports 40% of commitments coming in from international investors, with Indian domestic investors — both government and private — making up the rest. And as is the case with several of the newly launched funds in India, SIDBI has also participated as an LP, along with Self Reliant India fund and UP state government’s UP Startup Fund.
The firm, which looks to enter at Series A/B levels, is aiming to deploy ₹20-40 crore ($2.5-5Mn) per company. Cactus closed the first round at ₹350 crore (~$44Mn), and has already exited from one of its exiting portfolio companies at an IRR of 48%, the firm said.
