Early-stage venture capital firm 3one4 Capital has closed its fourth early-stage fund at $200 million (Rs 1,600 crore).
The sixth fund was oversubscribed within 2.5 months of the launch process. Bengaluru-based 3one4 Capital invests in consumer internet, SaaS (software as a service), fintech, and enterprise and SMB digitisation. It has also increased investment in newer areas, such as digital health and climate technology.
“Given the lessons we have learned from market leaders such as Licious, WeRize and KukuFM, we will double down on India-specific investments and continue to favour Indian consumption patterns,” said Anurag Ramdasan, Partner at 3one4 Capital. Positive experience working with leaders such as DarwinBox, BetterPlace, etc., as we continue to deploy more Capital into cross-border SaaS investments.”
The firm said that despite market challenges, leading global and Indian investors are confident in its strategy to invest in Fund IV as a limited partner (LP). Investors include India’s three systemically important banks (SBI, ICICI Bank and HDFC Bank), five of India’s largest listed banks by market capitalisation, and eight of India’s leading mutual fund operators. Other investors include US university endowments, global sovereign funds, global corporations and insurance companies, leading Indian corporations, and some of India’s largest family offices. 90% of Fund IV’s investor base are institutional investors.
In total, 3one4 Capital will manage Rs 3,710 crore ($510 million) in committed Capital and over Rs 6,000 crore ($750 million) in assets under management (AUM).