IvyCap Ventures has raised Rs 1,608 Crores in the first close of its third fund. Banks, insurance companies, mutual funds, family offices and government institutions have come on board in the fund. State Bank of India, Life Insurance Corporation of India, and HDFC Life are the fund’s sponsors.

IvyCap aims to take the size of the fund to Rs 2,500 Crores. It will also add to the growing set of venture capital funds raising money from Indian limited partners or sponsors. Ivycap has so far backed startups like Purplle, Bluestone, and Bewakoof. “As we are growing in size, our competitive landscape is changing. These are funds that come with significant fund sizes, and you don’t want to lose out on deals only because somebody thinks that others can give them with a larger follow-on capital,” Vikram Gupta, Founding and Managing Partner of IvyCap said.