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Venture capital firm Ivy-Cap Ventures has raised over INR 244.5 Cr. for its maiden fund to invest in early-to-growth stage startups. The fund plans to invest in the startups founded by graduates from top colleges like IITs and IIMs. 

Ivy-Cap has raised this fund completely from domestic investors, of which 20% anchor commitment coming from the alumni of IITs and IIMs globally, and the rest from institutional investors.

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“If you just look at the data of the total IITians about 300,000, 20% of them have been entrepreneurs once in their lifetime, and 500 IPOs have already happened,” said Vikram Gupta, founder and managing partner of IvyCap.“One-third of the companies which have gone through venture-backed exits have been founded from IITs and IIMs.

It has already deployed 50% of the fund and expects to finish investments in the next 8 months by investing in 5 more startups. As of now it has invested in about 6 startups including RML Pvt Ltd, women-focused online apparel retailer E-Shakti, Leixir, a company which manages a dental labs chain in North America

The fund’s advisory board includes HCL Technologies co-founder Arjun Malhotra, Mastek co-founder Ashank Desai and Makemytrip founder Deep Kalra besides deans and professors of IITs with GK Pillai, former union home & commerce secretary, as chairman of the fund.

Going further, IvyCap plans to raise over INR 900 Cr. fir its second fund from overseas investors.

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