Triton Marks First Close Of Second VC Fund At INR 120 Cr

Early stage-focused VC firm Triton has marked the first close of its INR 240 Cr second fund at INR 120 Cr to fuel growth of B2B tech startups. The new fund is over five times larger than its first investment vehicle launched with a corpus of INR 43.8 Cr in 2015.

The second fund will focus on sectors, including enterprise SaaS, SMB tech, agentic AI, deeptech and tech-enabled services, in Pre-Series A and Series A funding rounds.

The initial average ticket size will be from INR 8 Cr to INR 16 Cr, the VC firm said.

The fund also includes a greenshoe option of INR 120 Cr.

“Triton Fund II reflects our dedication to driving innovation in B2B Tech and supporting the next generation of transformative companies in India,” Triton managing partner Pradyumna Dalmia said.

The VC counts Recykal and ZingHR among its key portfolio companies.

The development comes amid a clutch of micro VC firms and domestic funds are making a beeline to back Indian startups at very early stages with smaller cheques.

Last week, Prudent Investment Managers floated a fund of INR 500 Cr (about $57.8 Mn) to invest in early stage startups. This fund, which is a Category II Alternative Investment Fund (AIF), secured commitments of INR 250 Cr from various family offices.

Similarly, earlier in January, venture capital fund SamVed floated a $50 Mn (INR 433 Cr) fund to back tech-focused early-stage startups in India.

Around the same time, Bharat Value Fund announced the first close of its third investment fund at INR 1,250 Cr (around $144 Mn), with a target corpus of INR 2,500 Cr (around $289 Mn), including a greenshoe option of INR 1,000 Cr.

As per an Inc42 report, the Indian startup ecosystem attracted more than $12 Bn funding in 2024. The report further said that 91% VCs are on the optimistic side for this number to increase in 2025.