India’s Blume Ventures hits first close of fund IV at $105m

Team Blume Ventures

Venture Capital firm Blume Ventures, an investor in startups such as edtech unicorn Unacademy, beauty marketplace Purplle and used car selling platform Spinny, has held the first close for its fourth fund at $105 million, it announced on Wednesday.

Blume Fund IV, which has a target corpus of $200 million, is aiming to achieve the final close by March 2022, it said in a statement.

The first close of Fund IV exceeds Blume’s Fund III total raise of $102 million in 2018-19. The venture capital firm’s AUM currently stands at $300 million (60% in its core seed funds and 40% in continuity funds).

With Fund IV, Blume will continue to invest in pre-seed to pre-Series A technology startups across India consumer internet and SMB marketplaces, as well as global opportunities in software and enterprise technology being addressed by Indian founders, the statement added.

“We are grateful to our existing anchor LPs for renewing their confidence and belief in Blume with their strong and emphatic participation in our first close. In addition to overseas institutional investors, domestic wealth management platforms and family offices that have backed us, our LP base also includes unicorn operators and seasoned founders who mentor and advise our portfolio founders on critical challenges of building, scaling, hiring and growth,” said Ashish Fafadia, Partner at Blume.

Launched in 2010, Blume claims to have been the first institutional investor in over a hundred ventures. The firm has so far backed over $150 startups and exited 24 of its investments.

With this, Blume joins a host of other India-focused funds that have either floated maiden funds or are on the verge of closing their existing funds as fundraising hits a new high in India this year.

Earlier this week, WaterBridge Ventures marked the final close of its second fund at $150 million, which seeks to invest $500,000 to $3 million each in 25 startups across seed and Series A rounds.

Last week, 3one4 Capital announced that it had raised $133.3 million or Rs1,000 crore for its third flagship fund from both domestic and international institutional investors. The fund surpassed its target of Rs750 crore riding on strong investor interest. A91 Partners, too, announced the final close of its second fund at $550 million this month.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.