Cornerstone Ventures, a venture capital firm focused on the software-as–a-service (SaaS) sector, Wednesday said it has marked the first close of its second fund.
The VC firm, which is aiming to raise $200 million (about Rs 1,700 crore) in its second outing, has received commitments for $40 million from its limited partners (LPs), that include domestic investors such as high net-worth individuals (HNIs), family offices, corporates, and other institutions.
The firm did not disclose names of the limited partners.
Also, Suresh Pareek, who founded pharmaceutical excipients manufacturer Ideal Cures, has joined the firm as a general partner. Pareek has been investing from his family office Sukvi Ventures, curating a diverse portfolio of approximately 12 startups, spanning early to growth stages.
“Having him join us has helped us accelerate our first close as well because of the investor network he brings to the fund,”said Abhishek Prasad, managing partner at Cornerstone Ventures. “We are even more equipped to help our portfolio companies navigate their growth journeys and unlock meaningful impact across industries."
Cornerstone Ventures was set up in 2018 by Prasad and Rajiv Vaishnav, previously part of Reliance Industries’ investment arm. The Mumbai-based firm primarily invests in B2B technology opportunities and has backed 21 startups, including the likes of BluBirch, THB and Credilo, through its first fund.
The VC firm launched the second vehicle in April last year. Its investment ticket size ranges from $5 million to $15 million, focusing on the early-growth sectors. In an earlier interaction, Prasad said the firm was planning on marking the first close in September.
It plans to start deployment from the second fund this quarter. It will make about 15-20 investments across sectors, including financial services & insurance, retail, consumer goods and e-commerce, distribution & supply chain, and healthcare products and services.
