Nexus Venture raises $700 Mn fund to back AI, consumer, fintech startups

Nexus Venture Partners has closed its eighth fund, a $700-million fund to back early-stage startups in artificial intelligence (AI), enterprise software, consumer, and fintech firms across India and the US.

Nexus Fund VIII, one of the biggest venture-capital funds raised this year, will divide its $700 million between India and the US, with a strong focus on US-based AI startups.

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The firm also raised $700 million for its previous fund in 2023.

A major change with the new fund is that Nexus now plans to invest in US-only startups, in addition to its usual focus on Indian software companies that operate globally. The fund will continue investing in early stages, from seed to Series A.

“We understand open source, we understand developers as customers, the AI infrastructure and applications stack… We have evolved from backing India-based startups to investing in US-based ones in software / AI. So, we will play on the front foot in the US in some of the domains we understand well,” cofounder Suvir Sujan said.

The fund is currently led by general partners Abhishek Sharma and Jishnu Bhattacharjee in the US, and Anup Gupta and Sujan in India.

Nexus says it has returned about $700 million in cash from partial and full exits in recent years, and has generated total liquidity of $1.5–2 billion since it began. Some of its exits include Delhivery, PubMatic, Cloud.com, Mezi, and Gluster. It has also invested early in companies like Turtlemint, Zepto, rapido, Postman, and Apollo, where it owns about 13–14%.

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