IvyCap Ventures announced the first close of its Fund 3 at Rs 1,608 crore ($214 million). One of the largest homegrown Venture Capital Fund in India, IvyCap currently manages assets worth Rs 3,200 crore ($425 million). The fund is targeting to do its final close at Rs 2,000 crore. However, looking at the demand and the fund strategy, it may increase the size to Rs 2,500 crore.
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