In the initial segment of its recently launched CAT-I alternative investment fund (AIF), India Discovery Fund II, Mumbai-based venture capital firm 35North Ventures has raised Rs 100 crore.
The India Discovery Fund – II, which has a total corpus of Rs 500 crore and a Rs 100-crore greenshoe option, succeeds 35North’s first CAT-I AIF.
The fund, which has already secured Rs 100 crore in commitments from limited partners, including high-net-worth individuals in India and abroad and some corporate family offices, will be managed by Sunil Gurbaxani, a former MD and CEO of Dhan Laxmi Bank and operating partner with 35North Venture Capital.
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35North Ventures stated that it employs its own proprietary investment models and algorithmic approach to offer risk-adjusted targeted returns to its investors.
In June of this year, the early-stage venture capital firm received approval from SEBI (Securities and Exchange Board of India) to establish its second fund.
Milan Sharma, Founder & MD, 35North Ventures, said: “We have closed subscriptionfor India Discovery Fund-I with over 130 crores in March, this year. The investment theme in the India Discovery Fund-II will be similar to the IDF-I. 35North has invested in 16 companies across 10 sectors, mostly across pre-Series A rounds. We will be investing in a few more businesses around the same thesis,”
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