Two-thirds of Fund 3 has been raised from existing investors. Quite a few new Institutional Investors including banks, insurance companies and the government departments have participated in the Fund. In addition, IvyCap for the first time has also raised its capital from many family offices, said the company.
Vikram Gupta, Founder and Managing Partner, IvyCap Ventures Advisors, said, “We have proven the model of working through the Alumillioni ecosystem of the IITs, IIMs and a few other top educational institutions of India. Our passion lies in building the Endowment ecosystems in India. We had conceptualised the Endowment Fund model through integration with an Alumillioni focused Venture Capital Fund in 2011. Our efforts led to the formation of India’s first Endowment Fund at IIT Delhi that was launched by the Hon. President of India in October 2019. This model was then replicated by IIM Ahmedabad and a few other IITs. Today we see a substantial alumillioni base of 500,000 from IITs and IIMs working very passionately with us.”
IvyCap currently manages a portfolio of over 30 companies and has already made exits in six companies including a partial exit in Purplle last year where its Fund 1 saw a 22x cash return for its investment. Fund 1 (Rs 240 crore, $40 million) was launched in 2014 and invested in 10 companies while Fund 2 (Rs 535 crore, $80 million) was launched in 2020 and invested in 23 companies. Some of the companies in the portfolio are Purplle, Clovia, BlueStone, Biryani by Kilo, Convosight, Miko, Elucidata, ftcash, and others.
With its Fund 3, IvyCap will continue to focus on areas like Consumertech, Deeptech, Healthtech, Fintech, SaaS, Edtech, etc. The Fund will deploy an average of Rs 30-40 crore as its first cheque in around 20-30 new Series A companies. In addition, the Fund will reserve around 20 per cent of the corpus for co-investing in its existing portfolio from Fund 2. The balance Funds will be reserved as follow on the entire portfolio.
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