The fund, which focuses on early growth-stage B2B technology startups, surpassed its initial target of Rs 600 crore corpus.
The corpus was increased twice through the greenshoe option to accommodate investor interest.
Hyderabad-based venture capital firm Pavestone on Thursday announced the final close of its Pavestone Technology Fund with a total corpus of Rs 816 crore, surpassing the initial target size of Rs 600 crore. The corpus, raised from the Self-Reliant India (SRI) Fund and family offices of Mankind Pharma promoters and Colruyt Group India, etc., was increased twice through the greenshoe option to accommodate investor interest.
The fund focuses on early growth-stage B2B technology startups with proven market traction, established product-market fit and partnerships with anchor clients including large public and private enterprises. Pavestone said it also backs early-stage startups working on high-impact technologies aimed at transformative breakthroughs in enterprise solutions.
So far, the fund has backed five startups viz., process automation platform E42, space startup Bellatrix Aerospace, industrial AI company LivNSense, aerospace and defence R&D company NewSpace Research & Technologies, and robotics startup Cynlr.
Speaking on the fund closure, V Laxmikanth, Managing Partner at Pavestone said with the successful final close, the Pavestone Technology Fund is well-positioned to drive significant growth in India’s B2B and enterprise technology sectors.
Indian startups had raised close to $10 billion in funding in October, likely to surpass $10.5 billion raised throughout last year, FE reported citing data from Tracxn. The funding in October this year was raised across 1,220 rounds including 18 rounds above $100 million, matching the total volume of such large deals in the entire 2023.
“India is home to the world’s third most vibrant startup ecosystem, with over 140,000 recognised startups, more than a hundred unicorns, and over $150 billion in funding raised,” Shaktikanta Das, Governor, Reserve Bank of India (RBI) had said last month highlighting the growth of Indian startups and private capital infusion.