Blume Ventures, an early-stage venture capital firm, has made the first closure of its new opportunity fund at Rs 200 crore (about USD 25 million), approximately half of the entire target that it aims to achieve by August.
According to media reports, three-fourths of the corpus will be used to purchase assets owned by its current funds, offering investors in those funds an exit option.
Blume has invested in companies like Exotel, Grey Orange Robotics, Smallcase, Slice, and Unacademy.
The firm unveiled the new fund shortly after closing the USD 290 million Fund-IV in December, and it comes at a time when India-focused venture funds are attracting record funding amid a worldwide financial downturn.
The limited partners in the new opportunity fund are investors in Blume's prior funds.
The Rs 400 crore Blume Ventures opportunity fund will have a portfolio of nine firms, four of which will be acquired from Fund-I: Intrcity, Cashify, Carbon Clean, and Zopper. The remaining five businesses will also be from the Blume portfolio. The fund's investment in online beauty products shop Purplle has already been completed by the VC firm.
Exotel, Grey Orange Robotics, Smallcase, Slice, Unacademy, and WebEngage are among the startups in which the Bengaluru-based venture capital firm has increased its stakes in.
Founded in 2010, Blume typically invests in pre-seed to pre-Series A funding rounds of technology companies.