Early stage investment firm Blume Ventures has hit a third close of its second venture capital while IIFL AMC Ltd is raising a Rs.750 crore debt fund.

Early Stage Investment Firm Blume Ventures’ New Fund Hits 3rd Close

Early stage investment firm Blume Ventures has hit a third close of its second venture capital and expects to complete the fund raising process in July. The firm has made more than 20 investments from the new fund in the last 13 months. It has invested in startups like RoadRunnr, test prep platform MockBank, IoT-based energy data analytics provider Zenatix Solutions, peer-to-peer money transfer and payments app Chillr, Bangalore-based edtech startup FlipClass, and contacts management app InTouchApp.

Blume made first close in December, when it raised $30 million in a round led by Silicon Valley-based ICONIQ Capital with participation from other investors included IIFL Wealth, the Government’s India Aspiration Fund, administered through SIDBI, Infosys co-founder N R Narayana Murthy’s private investment arm Catamaran, Morgan Creek and Recruit Holdings. The firm hit second close in January, when it raised $10 million from limited partners Kaiser Foundation and Dream Incubator. The third close has come after three months. The firm raised a similar amount as the second close from Unilever Ventures and others. That brings its total corpus to more than $50 million. Blume is targeting $60 million for the second fund.

Founded in 2011, Blume Ventures has invested in over 75 companies. Four of its portfolio companies viz., TaxiForSure, ZipDial, Promptec and 1Click.io were acquired by Ola, Havells, Twitter and FreshDesk, respectively.

IIFL Plans to Raise $110.5M Realty Debt Fund

IIFL AMC Ltd is raising a Rs.750 crore debt fund, which will be India’s first Category III AIF (alternative investment fund) real estate fund to lend Rs.80-100 crore each to selected builders in key property markets developing homes costing Rs.35 lakh to Rs.1 crore.

Category III AIFs are described as those “including hedge funds which trade with a view to make short term returns; which employs diverse or complex trading strategies and may employ leverage including through investment in listed or unlisted derivatives. These funds can be open ended or close ended.”

The fund will lend to both early and late stage projects. However, in an early-stage investment, the fund will mitigate risk through cash flows from developer’s other projects as security or collateral.

Image Source: ShutterStock

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