Cornerstone Ventures, a Mumbai-headquartered venture capital (VC) firm, has launched its second investment vehicle, targeting a corpus of $200 million. The amount includes a green-shoe option.
The firm, founded by former Reliance executives Rajiv Vaishnav and Abhishek Prasad, Cornerstone Ventures follows a multi-stage strategy and plans to invest capital in the range of $5-15 million in B2B tech startups from the new fund.
It will pursue opportunities across software platforms and marketplaces, thus targeting diverse sectors such as financial services and insurance, retail, consumer goods and e-commerce, distribution and supply chain, and healthcare products and services as well.
Cornerstone Ventures launched its first fund with a size of about $50 million in 2019. Since then, it has deployed capital across 21 startups and counts names such as NimbleBox.ai, CreditNirvana, and UniAcco, among its portfolio firms.
In terms of limited partners (LPS), the fund is anchored by the Government of India’s Department for Promotion of Industry, Internal Trade Fund of Funds (managed by SIDBI), and Self-Reliant India Fund managed by State Bank of India.
Among other firms that launched their investment vehicles this week, VC fund Synapses, founded by IIT alumni and veteran investors Ruchira Shukla and Karthik Chandrasekar, said it is targeting a corpus of $125 million to invest in the climate and healthtech sectors.
