India's Orios raises $30m top-up fund

The vehicle, known as Orios Select Fund I, will also make new investments in late-stage and pre-IPO rounds for companies whose founders it knows well. Commitments will be in the $4-8 million range.

The fund has already gone into Series D and E rounds for online pharmacy business Pharmeasy, which is expected to go public this year. Other investments include Series B and C rounds for milk producer Country Delight and a Series C for automotive repairs start-up GoMechanic.

The LP base for the new vehicle is dominated by family offices and other institutions, Orios said in a statement. Most are existing investors. The firm raised INR3 billion ($41 million) for its debut fund in 2014, with support from the likes of Small Industries Development Bank of India (SIDBI). Fund II launched in 2015 with a target of $150 million. VCCircle reported in 2017 that it closed on $75 million.

Orios was established in 2013 by serial entrepreneur Rehan Yar Khan. He serves as managing partner alongside Anup Jain and Rajeev Suri. It focuses on B2C, B2B, and software start-ups focused on India. Portfolio companies often go through Orios' Misfits incubation program, which makes seed and pre-Series A investments of $500,000 to $1.5 million and offers mentoring and boot camps.

Khan said the new fund is intended to extend the firm's relationships with entrepreneurs, from incubation through the achievement of unicorn status and ultimately IPO.

Jain added that 2021 would "go down in history as the year India's tech IPO story started. He pointed to the recent IPO by Nazara, an Orios portfolio company, and expected listings for Pharmeasy and MobiKwik. Six more are seen as well advanced on the journey to IPO.

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• Topics
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• Orios Venture Partners