Venture capital firm BLinC Invest said it has marked the first close of a new fund that seeks to raise a total of Rs 100 crore ($13.5 million).
The first close was made at Rs 30 crore, said the venture capital firm in a statement. Blinc II is registered with Securities and Exchange Board of India as a Category II Alternative Investment Fund.
The fund is expected to achieve its final close by the end of this year, it added.
Blinc II will invest in edtech and fintech companies that have stable management teams and the potential to scale operations across India and globally.
The fund will have a very concentrated portfolio of five to seven companies only, said RK Rangan, chairman and partner of BLinC Invest.
“While all our investments will be backed by a detailed primary market research and investment opportunity report, we will also pay close attention to the founding team to ensure a shared value system," added Rangan.
BLinC Invest was founded by Amit Ratanpal in 2014. Prior to Blinc II, the company invested from its proprietary fund whose portfolio includes Eduvanz Financing, equity crowdfunding platform 1Crowd and edtech startups Imarticus and GenNext Students.
A bunch of venture capital firms have already announced fundraising milestones or floated new funds this year.
For instance, in January, South Korean financial services firm Mirae Asset, which has invested in Indian startups such as Ola, Zomato and Bigbasket, launched an India-focused early-stage fund. The following month, India Quotient launched its fourth fund that seeks to raise $80 million.
Earlier this month, Utsav Somani, India head of US-based crowdfunding platform AngelList, said his second micro venture fund iSeed II has closed at $15 million (Rs 112.7 crore).
Besides, Endiya Partners and Fireside Ventures marked the final close of their new funds, while Z3Partners marked the first close of its debut fund.
