Pi News –
Published by: Muhammad Khoris
Last Updated: 07 Feb 2024 17:17 IST
Cactus Venture Partners on Wednesday announced that it has raised Rs 630 crore for its seed fund to invest in early-stage startups. This is the final close of a fund that invests in climate technology, health technology and business-to-business software as a service company backed by purpose-built entrepreneurs.
CVP will focus on early stage Series A and Series B fundraising targeting companies that have established Product-Market Fit (PMF), the statement said. The statement said 60 percent of the capital commitments came from domestic sources, while the rest came from international limited partners in the US, Singapore, the European Union and the United Kingdom.
Local backers include SIDBI, Self-Reliant India Fund and UP Startup Fund, he added. Its general partner Rajeev Kalambi said the support received underscores the growing confidence in the Indian startup ecosystem.
The current portfolio includes five companies, and CVP is looking to invest in an additional 8-10 within two years, he said. While the main investment focus is on Indian startups, CVP actively encourages and supports portfolio companies to expand internationally, he added.