Blume Ventures announces final close of Fund III at $102 mn
After a first close in late 2018, the final close was completed in December 2019, a statement said.
Blume started in 2011 raising an entirely domestic Rs 100 crore fund from HNIs (high net-worth individuals) and subsequently raised a USD 60 million fund (Rs 400 crore) in 2016. It claimed that its the first entirely homegrown fund to raise a third fund and raise over USD 100 million in a single fund.
"Blume's newest fund will continue to back early stage startups focusing on the two distinct opportunity sets that India offers, opportunities that leverage the mobile-led explosion of the Indian digital-first economy and Indian engineering and science translated to global market opportunities," it added.
The fund III portfolio already includes more than 10 investments including HealthAssure (healthcare), Taaraka, Stage3 (consumer), Jai Kisan, TartanSense, Procol (agri), Classplus, Tapchief and LeverageEdu (edu-tech).
Through Fund I and II, Blume had invested in companies like Unacademy, Grey Orange, Spinny, Turtlemint, Dunzo, Healthifyme, Purplle, Railyatri (IntrCity) and others.