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SIDBI and UP Startup Fund pledge Rs 40 Cr to Aroa Venture

EntrackrEntrackr · 11m ago
SIDBI and UP Startup Fund pledge Rs 40 Cr to Aroa Venture
Medial

Aroa Venture Partners has received Rs 40 crore ($4.8 million) capital commitment from Small Industries Development Bank of India (SIDBI) under the Government of India’s Fund of Funds for Startups and the Uttar Pradesh Government’s UP Startup Fund schemes. The endorsement from two sovereign schemes reflects that the fund has garnered strong interest from government quarters as well. Aroa Venture has also roped in Sekhar Puli as a general and managing partner. Puli is a veteran entrepreneur who sold REAN Cloud to Hitachi Vantara in 2018. He was also an investor at America’s private equity firm BV Investment Partners. Founded in 2020 by Gaurav Gulati, Aroa Venture Partners invests in early and growth-stage investments across sectors. In its initial days, Aroa Ventures was sponsored by RACo Holding Company —a firm owned by Oyo’s founder Ritesh Agarwal. The investment firm has already deployed Rs 100 crore across 36 startups including CRED, MPL, and Magicpin. The Aroa is a Category-II AIF which claims to have commitments from family offices and institutions exceeding Rs 400 crore ($48 million). It plans to reach its final close by the end of the ongoing fiscal year (March 2025).

ValuAble hits first close of maiden investment vehicle at 25% of target

VCCircleVCCircle · 10m ago
ValuAble hits first close of maiden investment vehicle at 25% of target
Medial

- ValuAble Partners, a venture debt firm, has achieved the first close of its maiden venture debt fund, raising around $25 million. - The firm plans to raise a total of approximately $101 million for its fund. - ValuAble Partners focuses on investing in companies in the pre-Series A and Series A funding stages, with investments ranging from $2.5-4 million per company. - The fund prioritizes investments in sectors such as healthcare, fintech, agritech, edtech, and greentech. - ValuAble Partners aims to invest in 40-50 businesses that align with ESG principles and UN Sustainability Development Goals. - Ajay Mittal, a former partner at Ascent Capital, was appointed as a general partner and investment manager of ValuAble Partners.

Cornerstone Ventures launches Fund II at $200 Mn

EntrackrEntrackr · 1y ago
Cornerstone Ventures launches Fund II at $200 Mn
Medial

Venture capital firm Cornerstone Ventures has announced the launch of its second fund with a target size of $200 million including a green-shoe option of $50 million. The fund ticket sizes range from $5 million to $15 million in a mix of early- to growth-stage startups. As per Cornerstone, it plans to invest in 15-20 startups with the latest fund. The Mumbai-based firm plans to invest across software platforms and marketplaces operating in sectors such as financial services and insurance, retail, consumer goods and ecommerce, distribution and supply chain, and healthcare products and services. Its portfolio companies of the first fund includes Credilo, THB, Blubirch, and Dhiway. The fund claims to have facilitated $1-2 million additional annual recurring revenue for each of its portfolio companies and been an active participant in their respective growth journeys. The firm first launched Cornerstone Ventures Fund-I in 2019 with a size of about $50 million. The fund was deployed across 21 portfolio companies, primarily focused on B2B enterprise software-as-a-service business models.

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