Bangalore-based venture capital fund IDG Ventures India has closed $150 Mn (INR 1000 Cr) India fund, reported ET.
The venture capital firm expects to raise the entire money for its $200 Mn third fund called IDG Ventures India Fund III by the end of this year. IDG’s third India Fund is comparatively larger than its two other funds raised earlier, which had a corpus of $100 Mn each.
The news for IDG Ventures India looking to raise $200 Mn surfaced the media in 2015.
An person close the development said that with the larger corpus amount, IDG Ventures India plans to write bigger cheques for the startups at mature stage (Series-B investments and beyond), who aim to fuel growth. The person also added that around one-fourth of the fund is expected to be allocated to later-stage investments.
IDG Ventures India is an India-focused technology venture capital fund. The fund is part of IDG Ventures, a global network of technology venture funds. The VC firm typically invests between $0.5 Mn to $10 Mn at Seed, early and expansion stages in technology and technology-enabled ventures. The firm has invested in about 50 startups in India. Its portfolio included startups like Myntra, Lenskart, Zivame, Tripoto, CityFlo, RentoMojo, Zimmber, Vserv, Manthan, Perfint, NestAway, Hiree and Uniphore among others.
It was reported that IDG Ventures India has already started deploying its new funds. It led the investments into mobile health and fitness startup HealthifyMe that raised $6 Mn (INR 40 Cr) in Series A round of funding led by IDG Ventures India and participated in a $60 Mn (INR 400 crore) Series D round of funding into Lenskart.