Blume Ventures secures $175 million in first close for its fifth fund

Early-stage VC firm Blume Ventures has announced an initial close of $175 million for its fifth fund, targeting $250-275 million by early 2026, with continued LP support

Early-stage venture capital (VC) firm Blume Ventures on Wednesday announced that it had secured $175 million from investors in the initial close for its fifth fund, and claimed that the new fund was on track for a final close of $250-275 million.

 

The firm, which is marking its 15th anniversary this year and has backed companies such as Unacademy, Spinny, and Cashify, said it plans to raise the full amount by early 2026.

 

The firm claimed continued support from its existing investors, while new institutional investors, multilateral institutions, corporates, and family offices have also joined, it said. The Bengaluru-based VC firm has backed companies such as Purplle, Classplus, Pixxel, Unacademy, Battery Smart, Spinny, and Cashify.

 

 

The firm said it will continue investing in early-stage Indian ventures and has already begun deploying capital with initial investments across health-tech (Mave Health and Confido), consumer (Lucira and Ozi), fintech (PowerUp Money), and deep-tech (iDO) companies.

 

Blume has assets under management (AUM) of over $800 million across five core funds and continuity and opportunity vehicles. These are managed by investment teams based across Bengaluru, Mumbai, Delhi, GIFT City, and San Francisco.

 

The firm noted, “2025 has emerged as a pivotal year for Blume, with substantial momentum in exits and distributions to limited partners across Fund I and II vintages. Fund III and IV portfolios have demonstrated strong growth, with the firm anticipating an aggregate DPI (distribution to paid-in capital) of over $80 million across all funds in 2025.”

 

It added that Blume’s IPO pipeline is set to launch, beginning with Turtlemint, which has filed the draft red herring prospectus (DRHP) with market regulators.