India’s IvyCap Ventures in $19m first close for debut fund
Early-stage investor IvyCap Ventures has reached a first close of INR1.05 billion ($19 million) on its debut fund. The full target for IvyCap Ventures Trust Fund I is INR2 billion.
Vikram Gupta, the firm's founder and managing director, told LiveMint that capital commitments came from large institutions and a group of individual investors. Three national banks, a government department and a large financial institution are understood to have pledged INR650 million, with the Indian Institute of Technology's alumni trust putting in another INR400 million.
IvyCap is in the process of completing two investments worth a combined INR250 million. One of the target companies is an information provider to farmers and rural-focused businesses with a network of one million farmers in 35,000 villages across 13 states.
The fund will focus on Series A round investments and beyond, with a view to completing no more than five transactions per year, investing INR20-400 million in each company. Healthcare, life sciences and cleantech are expected to be particular areas of interest.
Gupta previously managed a INR4 billion life sciences and healthcare fund for IndiaVenture Advisors.
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