Whiteboard Capital, a sector agnostic early-stage venture capital firm, has made the final close of its second fund at Rs 300 crore (about $36 million).
The fund's initial target corpus was Rs 150 crore. The VC raised money from several limited partners (LPs), primarily family offices and domestic institutional investors.
The development was first reported by the business daily The Economic Times.
The sector-agnostic fund is looking to invest in around 50 companies. It will invest 30-35% of the capital as first cheques in startups and will reserve the rest of the corpus for follow-on investments.
Whiteboard Capital, which primarily invests in companies in the consumer, financial and healthcare sectors, has invested in fintech unicorn Cred, B2B commerce firm DealShare, financing platform for retailers Progcap, consumer electronics brand atomberg, health-tech startup ZenoHealth, men’s innerwear brand Damensch, and pet-care startup Supertails, among others.
The fund was set up in 2016 by Freecharge co-founders Sandeep Tandon and Kunal Shah. Cred founder Shah stepped down from the fund in 2017. It later roped in Anshu Prasher as a partner in 2018. Prasher was the principal at Saama Capital and previously was the director at InnoVen Capital.
The fund reportedly claimed to have returned 1X capital to LPs of the first fund. It also claimed that the maiden fund has an unrealised gain of around 6X from its investments. It has made eight partial or full exits from the investment vehicle, which had a target corpus of $10 million.
