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Venture Capital firm Ivy Cap has raised about $45 Mn (INR 300 Cr) for the first close of its second fund of $90 Mn (INR 600 Cr), reported ET.

Sponsor investor IIT Alumni Trust led the round as it chipped in $18 Mn (INR 120 Cr). Institutional investors from the first fund have also extended their commitment to the new fund.

Founded in 2011 by Vikram Gupta, Norbert Fernandes and Vishal Gauri, Ivy Cap ventures is focussed on early and growth-stage startups founded by alumni of premier institutions like IITs and IIMs.

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Vikram Gupta, managing partner at IvyCap said, “We have earmarked 90% of our Fund 2 for investments in series A and B rounds. We have also set aside a corpus of INR 60 Cr for IvyCap Startup Platform.”

IvyCap Ventures focuses on investing in Healthcare, Education, Food based businesses, technology, ecommerce, and mcommerce domains. The venture firm generally invests INR 25-30 Cr ($4-5 Mn) picking up 25%-35% stake in each of its portfolio companies.

IvyCap Ventures Trust Fund 1 has invested in 10 portfolio companies: RML Information Services Private, Aujas Networks, FieldEz, Vinculum, Leixir Dental Labs, eShakti, Purplle, Sokrati, Clovia and BlueStone.

The IvyCap Ventures Trust Fund 2 has made three investments as on January 31, 2016 including TaskBob and FTCash. It expects to complete the funding round by September.


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