BlueGreen Ventures, the newly set up operator-led institutional venture capital firm co-founded by former Orios Venture Partners' managing partners Rajeev Suri and Anup Jain, has launched its maiden investment vehicle with a targetted corpus of $75 million.
The fund, which also has an additional green shoe option, has a dual investment strategy.
"One pillar of our strategy focusses on early-stage companies, from seed to Series A rounds, aligned with India's growth trajectory. We’re prioritising sectors like climate and sustainability, fintech solutions for the new India, and consumer-driven B2C businesses reflecting post-COVID consumption shifts. Cheque sizes in this segment will range from Rs 7-12 crore, with BlueGreen Ventures taking the lead in every round," Suri and Jain said in a joint statement.
The second strategy selectively targets more mature companies, typically those ready for an IPO within the next four to five years. In this segment, the VC firm plans to invest through secondary funding rounds with cheque sizes between Rs 20 crore and Rs 30 crore.
BlueGreen claims to have already captured strong LP interest to tap into the maturity of India’s startup ecosystem. "We are privileged to have the full support of the ecosystem as we approach our first close, set to be announced shortly," the founding partners said. So far, it is backed by a network of global executives and entrepreneurs.
“Our dual strategy focusing on both early-stage high-growth sectors and select secondary investments in mature companies ready for an IPO in 4-5 years companies has appealed to LPs seeking a balanced risk-reward profile in today's market that seeks a clear path to DPIs and is disappointed with cash returns,” said Jain.
Both Suri and Jain were partners at domestic venture capital firm Orios Venture Partners and had quit the VC firm at the same time to float BlueGreen Ventures.
The founders’ past investments such as BatterySmart, Zupee, Beato, and Ixigo. Other past investments of the co-founders include past investments led includes Werize, Karbon, Vedantu, Mobikwik, CarDekho, Wright Research, Bimaplan, Nxtwave, and Varaha, among others.
The VC firm claims that over the past investment cycle (2018–2021), the founders’ portfolio has generated a 60%+ IRR and a Total Value to Paid-In (TVPI) multiple of over 5x.
Meanwhile, BlueGreen has brought on board Sophie Lambin, founder and CEO of Kite Insights, a London-based climate advisory firm, as a strategic adviser to sharpen its climate-focussed initiatives.
Lambin will contribute her expertise in embedding sustainability within corporate strategies. She has previously advised global clients, including HSBC, Danone, and Unilever, on creating climate action strategies.
"With Sophie’s extensive experience in sustainability, we’re positioned to better support companies driving renewable energy adoption, sustainable agriculture, and water conservation," said Jain, adding, "We aim to back business models that promote green infrastructure, waste-to-value projects, and decarbonize supply chains."