Venture capital firm PeerCapital has completed the first close of its maiden fund at about Rs 300 crore ($37.5 million), while B2B natural fibre startup ReshaMandi is in advanced talks with private equity firms to raise $60 million.
PeerCapital hits first close at $37.5m
PeerCapital has completed the first close of its maiden fund at about Rs 300 crore ($37.5 million), according to media reports.
The fund plans its final close of the remaining Rs 300 crore by September, after which the target of $75 million will be triggered, managing partner Ankur Pahwa told The Economic Times, adding that there is also a greenshoe option of Rs 300 crore.
The fund aims to deploy funding in Seed to Series A deals of up to $2 million in initial cheques.
It will focus on investing in fintech, healthtech, consumer tech enablers, and software-as-a-service (SaaS).
ReshaMandi in talks with BlackRock, Temasek
ReshaMandi is in advanced talks with private equity firms such as BlackRock and Temasek, among others, to raise $60 million at a valuation of $300-400 million, VCCircle reported.
Reshamandi, run by Shapos Services, was earlier looking to raise nearly $100 million in a Series B round at a valuation of about $700 million, the report said.
Reshamandi last raised Rs 50 crore in debt from new-age venture capital firm Strides Ventures in November 2022. It also raised $30 million in a Series A round in October 2021.
Existing investor Creation Investments — a global alternative investment manager — may also take part in the new round, the report said, adding that the round may close soon.
