Indian early-stage venture capital firm 3one4 Capital has fully returned capital from its first fund to its limited partners (LPs), in around seven years from its final close—ahead of the typical eight-to-ten-year venture cycle.
Bengaluru-based 3one4 Capital, co-founded by Pranav Pai and Siddarth Pai in 2016, launched its first fund in the same year with a corpus of Rs 100 crore. The vehicle, which closed in 2017, has backed over 35 companies.
The firm raised Rs 250 crore for its second and Rs 1,500 crore for its third investment vehicles in 2018 and 2020, respectively. In 2023, 3One4 closed its fourth fund of $225 million. It counts both domestic and foreign LPs among its backers.
From its funds, 3one4 Capital has deployed capital across fintech, enterprise SaaS, consumer internet, and deep tech. Its investments include two unicorns—Darwinbox and Licious— besides Jupiter, Koo, Tracxn and Pocket Aces.
Darwinbox, a portfolio of Fund I, delivered a high-multiple exit for 3one4 Capital through a late-stage equity sale. The exit registered a multiple on invested capital (MOIC) of 58.07x and an Internal Rate of Return (IRR) of 69.78%, the company said.
