Investor who backed ed-tech firm UnacademyUsed Car Sales Platform small garden, and beauty e-tailer Purple, typically comes in funding rounds from technology companies during pre-seed to pre-Series A and has built up a large portfolio over the past decade.
hopes to make bloom final close by the end of the current financial year.
The firm’s Fund III raised $102 million last year and a $41 million Opportunity Fund to support a select group of companies.
In May, ET was
to report first On the firm’s plan to launch a new fund.
NS You The firm joins a long list of India-focused funds that have raised large sums of money to deploy in new economy companies, in what has been a record year for startup funding in India.
ET had earlier reported on A91 Partners, Stellaris Venture Partners, 3one4 Capital, Chiratae, all of which have raised sizable funds compared to their previous editions to stay competitive in a frenzied bargaining environment.
Limited partners or sponsors in the fund also want to bet big on India’s internet economy and have supported these funds to seize this opportunity.
The never-before-seen interest in the country comes in the backdrop of heavy liquidity in global markets, greater adoption of digital platforms during the COVID-19 pandemic and domestic technical initial public offering (IPO).
According to Bloom, India’s enterprise space has become even more vibrant and revitalized, with an incredible stream of futuristic unicorns, building on the recent successful and oversubscribed IPOs.
“A large Fund IV gives us the ability to participate longer through the lifecycle of our portfolio companies, and our target of $180-$200 million allows us to deeply support the companies, while maintaining our ‘confidences’. Capital’ stays true to the investment philosophy,” the company said in a statement.
Bloom, managed by partners Karthik Reddy, Ashish Fafdia and Sanjay Nath, was established in 2011 with a wholly domestic corpus of Rs 100 crores, mobilized from high net worth individuals.
“In addition to the foreign institutional investors, domestic wealth management platforms and family offices that have supported us, our limited partner or LP base also includes unicorn operators and experienced founders who help our portfolio founders take on the critical challenges of building, scaling, hiring Give advice and give advice. and development,” Fafdia said.
In March, Bloom said it had raised Rs 350 crore in a new secondary fund it launched with Avendus Capital.
The vehicle invests in the fund’s winning portfolio companies and supports them over a long period of time.
Bloom Ventures Fund 1X will allow “interested new investors, investors in existing Bloom Fund I and affiliated entities to hold top performers in Fund I for an additional period of four to five years,” the statement said.