Arkam Ventures declared that it had closed its maiden fund at $106 million. The company said the fund was oversubscribed and has invested in twelve companies with a focus on technology innovation for ‘Middle India’. The fund’s large institutional investors included British International Investment Plc, Nippon India Digital Innovation, Evolvence Group, Capria, and SIDBI. Large family offices and startup entrepreneurs, including Info-Edge co-founder Sanjeev Bikhchandani, Flipkart founder Binny Bansal, Paytm founder Vijay Shekhar Sharma, and MakeMyTrip co-founder and Group CEO Rajesh Magow are among the early investors.

Arkam has invested in firms such as Smallcase, Krazybee, Jar, Smart staff, Jai Kisan, Signzy, SpotDraft, Wint Wealth, Invact, Mudrex, BestDoc, and Jumbotail. Seven of these twelve companies have already raised follow-up rounds at significant mark-ups after Arkam’s investment, the company said in a statement. Rahul Chandra, the founder of Akram Ventures, said in a statement that “We spend significant time with most of the founders to help establish the foundation for growth in the company’s early years. Our goal is to maintain this position of being the preferred partner by continuing to be a high-value contributor to the founder’s journey.”

“We are a thesis-driven firm, and each of our portfolio companies shares the same vision. We feel fortunate to be partnering with some of the best teams building new Middle India digital categories or innovating with a digital infrastructure that can meet the requirements of millions of Indians. Each of these companies combines unique insights into a complex problem with a disruptive technology solution that opens the way to large and profitable businesses,” Bala Srinivasa, Managing Director of Akram said.