One of the top private life insurers, HDFC Life has invested in Z3Partners Tech Fund to focus on tech and digital investments from its target capital pegged at Rs 500 crore.
The investment details by HDFC Life remain undisclosed.
“The objective is to invest in and nurture the highest quality tech and digital entrepreneurs in India. Z3 Partners, which is currently raising this fund of Rs 500 crore, has already backed best quality startups like Cyfirma, DealShare, Gramophone, Shipsy, and True-Fan,” Z3Partners said in a statement.
The fund announced its second close of Rs 250 crore last year and is on track to do the final close this year, it added.
Z3Partners Tech Fund has been launched by Z3Partners, which invests in early growth digital and tech startups focused on growth and unit-economics, with an average investment size of Rs 35-80 crore.
Mumbai-based Z3Partners is founded by Gautam Patel whose prior investments through Zodius Technology Fund have been Bigbasket, MedGenome, OfBusiness, Pepperfry, etc.
“HDFC Life’s high governance and quality standards reflect in every aspect of their business. We are excited to have HDFC Life onboard for this journey to invest in the best tech and digital companies that are backed by world-class entrepreneurs,” said Patel, managing partner, Z3Partners.
Patel has previously co-founded early-stage technology investment firm Zodius Capital, which was acquired by Mumbai based financial services firm Avendus Capital in 2017. Prior to Zodius, Patel spent several years at Battery Ventures.
In January last year, Z3Partners marked its first close of its debut fund at $14 million (about Rs 103 crore).