The early-stage fund has around 70 limited partners, of which 60% are from India and 40% are overseas partners
SIDBI, Self-Reliant India Fund (SRI Fund), and the UP Startup Fund have also backed Cactus Venture Partners’ maiden fund
The fund has already invested in six startups – Kapture, Vitraya, AMPM, Auric, Lohum and Rubix. Last year, it exited Rubix at an IRR of 48%
Mumbai-based Cactus Venture Partners has announced the final close of its maiden early-stage fund at INR 630 Cr ($75.8 Mn). The first close of the fund took place in August 2022.“We invest in startups with established product-market fit and founders with a growth mindset. We will do 8 to 10 more focussed, conviction-oriented investments in the next two years,” Cactus Venture Partners founder and general partner Rajeev Kalambi told Inc42.“We started raising funds in February 2022 and by the time in August we made our first close, the markets went completely dry. So, considering our first time raising a fund, and a completely new team coming together, we feel proud to gain LPs’ trust and achieve the set target, even though partially, in this difficult market,” said Sharma.“This model has worked for us so far because we started investing in 2020 at the peak of euphoria and we are yet to have any write-offs. With that context, the strategy is working. And that is how we kind of try to invest in sustainable businesses rather than the market fads,” Sharma said.
The fund has around 70 limited partners (LPs), of which 60% are from India and 40% are overseas partners, predominantly from the US, Singapore, the EU, and the UK.