The Hyderabad-based venture capital firm Pavestone closed its Pavestone Technology Fund for INR 816 Cr.
The Self-Reliant India (SRI) Fund, the family office of Mankind Pharma promoters, and Colruyt Group India participated in the fund, according to ET.
Red also - Mushin Innovative Labs raises $250K in Seed Series Round led by Inflection Point Ventures
The Pavestone Technology Fund is an alternative investment fund (AIF) registered with SEBI. Its original goal was to raise INR 600 Cr, but it was later changed to INR 900 Cr, or about $107.7 million.
“The fundamental thesis of the fund is that we want to focus on enterprise technology, specifically companies that solve problems for large and public enterprises in the B2B space. That’s about 80% of our fund,” the report said, citing V Laxmikanth, managing partner at Pavestone.
Pavestone VC was founded in 2021 by Sridhar Rampalli, Srikanth Tanikella, and Laxmikanth V. The Pavestone Technology Fund mainly invests in growth-stage entrepreneurs in the deep tech and enterprise tech sectors.
The engineering division of the Belgian food and grocery retailer Colruyt Group, contributed INR 15 Cr (about $1.8 million) to the first fund earlier in June.
The fund targeted businesses that were involved in space technology, 5G infrastructure, blockchain, quantum computing, and electric vehicle components.
About Pavestone
Pavestone Company has manufactured products for the commercial, residential, contractor, industrial and retail consumer, markets since 1980. Their business principle is to be driven not only by technology in manufacturing, but also in the development of segmental paving and retaining wall systems.
Want to go deeper into the world of startups and entrepreneurship? Check out these categories on VIESTORIES:
Startup Success Stories: Discover inspiring tales of startups overcoming challenges and achieving success.
Funding Startup News: Stay updated with the latest news and trends in startup funding and investment.
Startup Insights: Dive into in-depth analyses of various industries and market trends to make informed business decisions.