India's 3one4 closes second fund at $39m

The fund launched last September and was fully subscribed by the end of the year, leading 3one4 to exercise an INR1 billion greenshoe option to raise more capital. LPs in the fund include the family offices of entrepreneurs Nandan Nilekani and Mohandas Pai – whose sons Pranav and Siddarth Pai are 3one4’s founders.

Catamaran Ventures, Reliance Ventures, and several Indian high net worth individuals also invested in the fund, according to media reports linked from 3one4’s Twitter feed.

3one4 was founded in 2016 and closed its first fund the same year with a INR1 billion corpus. The firm invests in Indian early-stage companies, as well as US-based start-ups with potential to grow in the Indian market, and commits $250,000 to $2 million per investment with a focus on companies developing machine learning and artificial intelligence applications across a range of sectors.

Since its launch 3one4 claims to have backed more than 40 companies, including human resources platform operator Darwinbox. The firm joined Endiya Partners and StartupXseed Ventures in 2016 to invest an undisclosed amount in Darwinbox; the other investors were then joined by Lightspeed India Partners last year for a $4 million Series A round.

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