Venture capital platform Finvolve has raised nearly $9.4 million (Rs 90 crore) in the first close of its latest fund, which has a target corpus of Rs 250 crore.
The firm expects to achieve the final close within six months, according to a report in Inc42.
The fund will invest in growth and late-stage Indian startups operating in sectors including defence and aerospace, frontier and strategic technology, energy, and consumer.
Finvolve plans to make around 30-35 investments from the fund over the next 3-4 years. It will back companies that have established product-market fit and demonstrated potential for sustained growth and business expansion.
The fund also has a greenshoe provision, allowing Finvolve to raise additional capital beyond the first-close amount, according to media reports.
Overall, Finvolve currently has four active funds, spanning different stages of the startup lifecycle. These include two early-stage vehicles—a fund focused on accelerators and another targeting seed-stage companies—as well as a Category II AIF focused on late-stage businesses. Its previous fund has been fully deployed.
Finvolve claims to have invested in more than 40 startups and secured capital commitments totalling around Rs 5,000 crore. Its portfolio includes drone maker IG Defence, counter-drone technology startup Indrajaal, frontier AI research firm Soket AI, satellite infrastructure company Kepler Aerospace and electric vehicle maker Matter EV.
