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Ambit Pragma pases halfway point in fundraising for second vehicle

  • Alvina Yuen
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Indian venture capital firm Ambit Pragma has raised $77 million for its second fund. Ambit Pragma Fund II has a final target of $150 million and is expected to close by March 2013.

CDC and International Finance Coporation (IFC) - both investors in Fund I - are anchoring the new vehicle. IFC, which invested $15 million in the first fund, is reportedly looking to invest up to $20 million its successor. New institutional investors include Unilever and DEG.

Ambit Pragma Fund II will look to invest in small- and medium-sized enterprises targeting second- and third-tier markets across India. The average ticket size will be $15 million and the companies will have revenues of $5-15 million, The Economic Times reported.

"India's emerging businesses showcase strong entrepreneurial flair, yet have limited fund raising options to help realize their strategic leadership ambitions," said Atul Kunwar, partner at Ambit Pragma. "This presents a compelling opportunity for Ambit Pragma to invest in high potential companies and support them with capital and real world operating expertise."

Ambit Pragma closed its fist fund in December 2009 with the majority of LPs coming from overseas. Indian investors contributed less than 10% of the corpus. The fund has so far made several investments including Spear Logistics, city bus operator Prasanna Purple and surgery chain Beams.

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