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<p class="Normal">Early-stage venture capital fund <strong><a href="http://dealstreetasia.com/tag/021-capital" target="_blank" rel="noopener">021 Capital</a></strong> has reportedly reached the first close of its maiden fund at around $32 million.</p></article>

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<p class="Normal">Early-stage venture capital fund <strong><a href="http://dealstreetasia.com/tag/021-capital" target="_blank" rel="noopener">021 Capital</a></strong> has reportedly reached the first close of its maiden fund at around $32 million.</p>
<p>021 Capital was launched in 2017 by e-commerce major Flipkart founders’ personal investment adviser Sailesh Tulshan with a target corpus of $50 million.</p>
<p>According to a source-based <a href="https://tech.economictimes.indiatimes.com/news/startups/binny-bansal-backed-vc-fund-ropes-in-azim-premji-foundation-flipkart-execs-as-backers/67411771" target="_blank" rel="noopener"><strong>report</strong> </a>in The Economic Times, the investment firm anchored by Flipkart co-founder Binny Bansal raised a third of its corpus from half-a-dozen current and former Flipkart executives.</p>
<p>According to the news report, the fund has also received the backing of the Azim Premji Foundation as an institutional investor, along with technology executives from India and Silicon Valley.</p>
<p>Other investors include Myntra and Curefit co-founder Mukesh Bansal, MakeMyTrip India CEO Rajesh Magow, PhonePe’s Sameer Nigam and Rahul Chari, Myntra CEO Ananth Narayanan, former Flipkart executive Mekin Maheshwari and Facebook and Dropbox alum Ruchi Sanghvi and Aditya Agarwal.</p>
<p>021 Capital is said to have already made at least six investments, including in biotech startup Pandorum Technologies and ready-to-cook food brand Ycook.</p>
<p>According to the news report, 021 Capital is looking to build a portfolio of around 15 companies in areas such as artificial intelligence, biotech, agricultural technology, supply chain and logistics, and consumer internet.</p>
<p>The Bengaluru-based firm is also planning to invest in startups in Southeast Asian countries such as Singapore and Indonesia.</p>
<p>Binny Bansal, who has also backed pi Ventures, Blume Ventures and India Quotient, is said to be on the two-member investment committee of 021 with Tulshan.</p>
<p>&#8220;Besides Bansal, several of the entrepreneurs who are coming on board as investors in the fund have also committed to taking advisory roles,” said one of the sources quoted in the report.</p>
<p>Many venture capital firms in India are currently in the market to raise funds. Early-stage investor Endiya Partners is reportedly raising a Rs 500-crore ($68.5-million) fund while impact investor Aavishkaar is out to raise $300 million. Quadria-backed HealthQuad is also in the market to raise $100 million.</p>
<p>Recently, Matrix India raised $320 million for its third fund. The largest of these funds was raised by Sequoia Capital India, which closed its sixth fund at $695 million earlier this year, targeting early- and growth-stage investments across India and Southeast Asia.</p>
<p><strong>Also Read:</strong></p>
<p><span style="color: #ff0000;"><strong><a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/india-bansals-investment-adviser-launches-50m-vc-fund-80952/" target="_blank" rel="noopener">India: Flipkart Bansals’ investment adviser launches $50m VC fund</a></strong></span></p>
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<p><span style="color: #ff0000;"><strong><a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/india-dealbook-206-92462/" target="_blank" rel="noopener">Biotech firm Pandorum raises $3.6m from IAN, O21 Capital, others</a></strong></span></p>


The fund has received the backing of half-a-dozen current and former Flipkart executives and the Azim Premji Foundation.

India's 021 Capital said to reach first close of maiden fund at $32m

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India's 021 Capital said to reach first close of maiden fund at $32m

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