India's Inventus closes third VC fund at $52m

Fund III, launched in mid-2016 with a target of about $46 million, achieved a first close of $28.2 million in July last year, according to AVCJ Research. LPs reportedly include a mix of institutional investors, technology entrepreneurs, family offices and Small Industries Development Bank of India.

Inventus raised $106 million for its second fund in 2013. Its debut vehicle, which closed at $51 million in 2009, is said to have generated an IRR of 20-25%, with key exits including an estimated 10x return for the sale of ticketing platform RedBus to Naspers.

"We are one of the very few funds that hasn't taken or sought an extension to close the fund, and that's because we got oversubscribed," Samir Kumar, a managing director at Inventus, told The Economic Times. "What differentiates us from the pack is that we look at sectors before they become hot or mainstream."

The new fund will make 10-15 investments in start-ups across internet-based businesses, software-as-a-service supply, and deep tech domains such as blockchain and artificial intelligence (AI). Investments to date include Shifu, an educational games developer that uses augmented reality, and enterprise AI provider Worxogo.

Founded in 2005, Inventus is considered one of the oldest players in the Indian VC ecosystem. It claims to have backed more than 90 companies founded by Indians or Indian-Americans via offices in Bengaluru and Silicon Valley. 

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• Topics
• South Asia
• Venture
• Fundraising
• India
• Technology