Orios Venture announces final close of $30 mn follow-on investment fund

Technology venture capital firm Orios Venture Partners has announced a final close for its $30 million Select Fund I for primarily follow-on investments into its existing portfolio startups, which have proven to be winners in their respective sectors. Select Fund I, which invests between $4 million and $8 million per company, has already made five bets in IPO-led PharmEasy, GoMechanic, Country Delight, Mobikwik, and Nazara, with two more investments likely to happen by the end of this year.

 

“We had set up a Select Fund as there was high demand for capital from our portfolio companies and a VC cannot invest more than 10-15 per cent of its flagship fund in a single startup in order to maintain diversity in portfolio,” said Rehan Yar Khan, Managing Partner, Orios Venture Partners.

 

Currently investing from its second flagship fund, the early stage VC is also planning to raise a third fund by the end of this year which will be much larger than the second fund. It will be investing in 22-25 startups over a period of three years from this fund, according to Khan.

 

Launched in 2014, Orios Venture Partners has notable portfolio companies including Pharmeasy, GoMechanic, Country Delight, Beato, Mobikwik, among others.

 

Apart from PharmEasy which became a unicorn this year, Khan is hopeful his VC’s portfolio startups GoMechanic and Country Delight will also touch the $1billion sometime this year.

 

“2021 will go down in history as the year India’s tech IPO story started. With our portfolio company Nazara having IPOed and PharmEasy & MobiKwik on course to an IPO, along with half a dozen other companies, we are tremendously excited about what the future holds” said Anup Jain, Managing Partner, Orios Venture Partners.