Early-stage consumer-focused venture capital firm RPSG Capital Ventures said Thursday it has secured commitments for Rs 550 crore (around $66 million) for its second fund, mainly from domestic limited partners.
The fund is anchored by RPSG Group and received commitments from family offices, high net-worth individuals (HNIs) and industry executives from the consumer sector.
The RP-Sanjiv Goenka Group-backed venture capital firm said in its statement that the fund managed to raise its initial target size of $60 million (Rs 500 crore) and also exercised the greenshoe option to accommodate the higher investor interest.
“With this new fund, we’ll continue to invest into new-age consumer businesses that have solid unit economics, differentiated positioning, and strong teams,” said Abhishek Goenka, managing partner, RPSG Capital Ventures.
The firm has already made a couple of investments from its second fund. In February, the fund led the $15 million Series B funding round of petcare startup Supertails.
In 2023, the fund led the $2.5 million Series A funding round of direct-to-consumer (D2C) oral care brand Perfora. Its other investments include drinkware and foodware brands Rabitat and Headway, respectively.
RPSG Capital Ventures, which was founded in 2018, typically takes part in Series A rounds with first cheques of Rs 10-40 crore in the digitally native consumer ecosystem across food and beverages (F&B), beauty, health and wellness, entertainment, lifestyle goods and consumer enabler categories.
It has invested in 16 companies to date and counts D2C brands such as The Souled Store, mCaffeine, Plix, True Elements, Vedix, and SkinKraft, among others, as part of its portfolio.
In 2023, the firm raised an ‘Opportunities Fund’ to back portfolio companies of its first fund. The investment firm had raised its entire corpus under the maiden fund from its sponsor group. It scooped up half of the Rs 80 crore in the Opportunities Fund from external investors, or limited partners (LPs).