IvyCap Ventures has raised INR 2,445 Mn for its maiden fund aimed at early- growth stage ventures founded by graduates from top colleges including IIT and IIM’s.
The fund named IvyCap Venture Trust Fund I had a targeted size of INR institutional 2 Bn and had achieved its first close at INR 1,050 Mn in 2012. The funds have been raised from domestic investors, institutional investors with 20% of the funds being raised from IIT and IIM alumni globally.
The fund has already put in 50% of the money across six deals and expects the do away with the dry powder in the next eight months across five deals.
IvyCap’s portfolio includes Women apparel brand eShakti, dental laboratories chain Leixir, Noida based VinculumSolutions, on field team manager FieldEZ, information risk management services company, Aujas Networks, agri information service provider Reuters Market Light.
The firm led by Vikram Gupta has also started marketing for its second fund which is expected to have a corpus of INR 9,000 Mn. IvyCap’s advisory board consists of HCL’s co-founder Arjun Malhotra, Makemytrip founder Deep Kalra and Mastek co-founder Ashank Desai along with the deans and professors of IITs.
Recent fund closures:
Evolvence had closed its third fund, Evolvence India Life Sciences Fund II garnering INR 8,650 Mn.
Creador Capital had achieved final close of its second fund at $300 Mn (INR 18 Bn).
Reservoir Investment Managers, had achieved the final close of its maiden fund named - Exfinity Technology Fund - Series I raising a total of INR 1250 Mn.
Making its fourth acquisition within three months, Deepinder Goyal led Zomato has bought its peer in Poland - Gastronauci. The company did not disclose the amount it is paying for acquiring the restaurant search service, however it expects to close the deal by November.
UTI Ventures Funds Management Company Private Limited, the private equity investment subsidiary of UTI Asset Management Co Pvt Ltd, has sold its stake in Ascent Capital Pvt Ltd to the management of the firm, which is headed by Raja Kumar.