The first fund of Hyderabad-based Pavestone Venture Capital received INR 15 Cr, or approximately $1.8 million, from Colruyt Group India, the engineering division of Belgian grocery and food retailer Colruyt Group.
The Pavestone Technology Fund is an alternative investment fund (AIF) registered with SEBI, with a target corpus of INR 900 Cr.
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With its initial fund, the Pavestone Technology Fund, Pavestone Venture Capital mainly invests in growth-stage firms in the deep tech and enterprise tech sectors.
Through the fund, which has a target corpus of INR 900 Cr, Pavestone VC will invest in 12–15 growth-stage firms.
The announcement comes with the extraordinary expansion of India’s deep tech and enterprise tech startup scene, which is being fueled by favorable government policies, rapid digitalization, and widespread tech use.
Laxmikanth V, Managing Partner, Pavestone VC, said: “We are delighted to welcome Colruyt Group India as a strategic investor. They invest heavily in-house, to accelerate the digitalization, automation, and robotization of their retail operations across their organization. Their extensive industry experience will undoubtedly enhance our ability to pursue and capitalize on promising investment opportunities,”
About Pavestone VC
Founded in 2021 by Sridhar Rampalli, Manikandan N, Sridhar Balasubramanian, and Srikanth Tanikella, Pavestone VC has experience in enterprise & deep tech investing, scaling enterprises and platform/product companies.
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