<article>Seed-stage venture capital firm <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=blume">Blume Ventures</a> has marked the final close of its second fund at $60 million, managing partner Karthik Reddy said.</article>

Seed-stage venture capital firm <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=blume">Blume Ventures</a> has marked the final close of its second fund at $60 million, managing partner Karthik Reddy said.
Mumbai-based Blume Ventures had initially planned to raise $50 million in early 2014, but decided to increase the size later.
“We had a hard cap of $60 million that we have raised. Paperwork is here and there, but technically we are closed,” Reddy said.
One-third of the total money that Blume Ventures has raised has come from domestic investors including <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=iifl">IIFL Wealth Management Ltd</a> and the government’s India Aspiration Fund, administered by the Small Industries Development Bank of India (SIDBI), Reddy said.
“There are some other domestic family offices and founders of companies as well that backed us,” Reddy said, without disclosing the investors’ names.
Out of the total, $40 million came from overseas investors—about $20-22 million came from American investors, including ICONIQ Capital, the San Francisco-based investment adviser which helps manage the fortunes of Silicon Valley billionaires such as Facebook Inc. co-founder and chief executive officer Mark Zuckerberg.
Blume Ventures received about $8 million from Japanese investors.
In December 2015, the early-stage investor had marked its first close of the fund at over $30 million, according to a report by VCCircle.
Blume Ventures was founded in 2010 by Reddy and Sanjay Nath. It raised Rs100 crore, or around $20 million at the time, for its debut fund in 2011.
It has so far funded about 75 companies, including test preparation start-up MockBank, background verification firm IDfy, robotics firm GreyOrange, and train travel app RailYatri.
From the first fund, the venture capital firm invested $100,000-250,000 in each portfolio firm, participating in seed rounds where the typical overall size (including other investors) was $300,000-500,000.
From the second fund, the firm would be looking at signing larger cheques.
“This time, we will have 40-45 investments. We have been investing for the past 18 months and almost half of the fund has already been deployed,” Reddy said.
Also read:
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/54457-54457/">India: Unocoin Technologies raises $1.5m pre-Series A led by Blume Ventures</a>
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/51853-51853/">India: Food delivery platform Runnr raises around $7m led by Nexus, Blume Ventures</a>
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Seed-stage venture capital firm Blume Ventures has marked the final close of its second fund at $60 million, managing partner Karthik Reddy said.

India: Seed-stage VC Blume Ventures hits final close of second fund at $60m

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