Orios Venture Partners Postpones Closure Of Third Fund For Second Time

Orios Onboards Former Omidyar Executive Madhav Tandan As A Senior Partner

SUMMARY

The investor originally targetted to close its fund at $150 Mn in December last year, before extending the deadline to June 2024. Now, the firm is expected to mark its final close in December

The delay in fund closure can be attributed to the departure of managing partners Anup Jain and Rajeev Suri last year, who left to pursue other opportunities, as per a report

Orios had closed two early-stage funds-Orios Fund I and II in 2015 and 2018, respectively

Early-stage venture capital firm Orios Venture Partners, which counts Battery Smart, Karbon, ixigo, MobiKwik, CarDekho and Vedantu among its portfolio companies, has reportedly postponed the closure of its third fund for the second time.

The investor originally targetted to close its fund at $150 Mn in December last year, before extending the deadline to June 2024. Now, the firm is expected to mark its final close in December, Orios partner Sukhmani Bedi told DealStreetAsia.

Inc42 has reached out to the company for comments on the development. The story will be updated based on the response.

The delay in fund closure can be attributed to the departure of managing partners Anup Jain and Rajeev Suri last year, who left to pursue other opportunities, the report added.

Bedi added that last year, partner exits caused the fund closure delay, whereas this time, logistical challenges in onboarding LPs with scheduling constraints led to finalising the closure in December.

Orios had closed two early-stage funds-Orios Fund I and II in 2015 and 2018, respectively.

Launched in 2014, the VC firm’s Fund I was concluded with a final close at INR 300 Cr in 2015. In January this year, the VC firm said it had returned the aforementioned amount to its investors.

Besides Fund I, it also closed a $30 Mn “Select Fund I” to make follow-up investments in its portfolio startups. Orios backed PharmEasy, GoMechanic, Country Delight, MobiKwik, and Nazara Technologies through this fund.

The report added that from its third fund, Orios plans to make 12-16 additional investments and intends to start fundraising for its fourth fund next year. The firm is currently in discussions to invest in a climate tech startup and a fintech startup.