Venture Capital entity BlueGreen Ventures on Wednesday said it has launched a maiden USD 75 million, about Rs 633 crore, fund for investment in early-stage startups.
The fund has been launched by operators-turned-investors Rajeev Suri and Anup Jain who were managing partners at Orios Venture Partners.
"The USD 75 million fund was approved by SEBI about a month back. We expect to close the fund same time next year," Jain said.
The new fund claims to be backed by Global CEOs and CXOs from Fortune 500 companies, along with successful startup founders from India, the firm said in a statement.
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"We are privileged to have the full support of the ecosystem as we approach our first close, set to be announced shortly. They have placed their trust in us, recognising our commitment, values and passion for partnering with founders to create success stories.
"We are also deeply grateful for the extensive backing we have received from angels, government bodies, fellow VCs (venture capital firms), and past portfolio founders, whose tremendous support and goodwill has fueled the launch of this exciting new chapter," Suri said.
Suri and Jain's past investments include BatterySmart, Zupee, Beato, Werize, Karbon, Ixigo, Vedantu, Mobikwik, CarDekho, Wright Research, Bimaplan, Nxtwave, Varaha etc.
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BlueGreen Venture fund will prioritise investment in sectors like climate and sustainability, fintech solutions tailored for the new India, and consumer-driven B2C businesses reflecting post-Covid consumption shifts.
The cheque sizes in this segment will range from Rs 7 crore to Rs 12 crore, with BlueGreen Ventures taking the lead in every round, the statement said.
"The other pillar selectively supports mature companies primed for an IPO (initial public offer) within the next 4-5 years...with cheque sizes ranging from Rs 20 crore to Rs 30 crore," the statement said.
BlueGreen Ventures has roped in the Chief Executive Officer and founder of Kite Insights and The Climate School, Sophie Lambin, on its board as a strategic advisor to strengthen the focus on climate investments.
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