Published by: Muhammad Haris
Last updated: February 7, 2024 17:17 UTC
Cactus Venture Partners on Wednesday announced that it has raised Rs 630 crore for its maiden fund to invest in early-stage growth-stage startups. This is the final closing for the fund, which will invest in climate technology, health technology and business-to-business software services companies backed by purpose-driven entrepreneurs.
CVP will focus on Series A and early Series B funding stages, targeting companies with established product-market fit (PMF), a statement said. Sixty percent of the capital commitments came from domestic sources, with the remainder coming from international limited partners in the United States, Singapore, the European Union and the United Kingdom, the statement said.
Domestic backers include SIDBI, Self-Reliant India Fund and UP Startup Fund, it added. Its general partner, Rajeev Kalambi, said the support received underscores the growing confidence in India’s startup ecosystem.
The current portfolio includes five companies, and CVP aims to invest in an additional 8-10 companies within two years. While the primary investment focus is on Indian startups, CVP actively encourages and supports international expansion of portfolio companies, it added.
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