On Thursday, Mumbai based Artha Venture Fund (AVF), announced that it closed its debut fund at INR 220+ crores (USD 30 million), and plans to invest this amount in 12-15 startups in the span of 2021-22.
More than 50 limited partners (LPs) participated in this funding round. The investment round got most of the amount from the family offices and approx 20 companies which were listed, participated through promoter entities and directly. The rest of the amount was invested by ultra-rich individuals, NRIs, Small Industries Development Bank of India, and super angels.
About Artha Venture Funds –
Artha Venture Funds was founded and established in 2013 by Anirudh Damani and Ashok Kumar Damani, having its headquarters in Mumbai. It is a Micro Venture Capital firm that invests in the early and seed stages of a company.
The VC firm has a network of limited partners, founders, co-investors, and family offices across the globe. AVF’s portfolio consists of known names like Agnikul, HobSpace, LenDenClub, PiggyRide, Kabbadi Adda, Daalchini, and many more.
The firm invests in B2B, D2C sectors and D2C sectors, and had aimed to raise INR 200 crores (USD 20.7 million). The entire collection made by the firm since late 2018, will be deployed in the next 25-30 months.
Words from the Managing Partner –
Anirudh A. Damani, managing partner, Artha Venture Fund said, “I am delighted with the confidence that our investors have shown in our investment strategy. Besides exceeding our targeted raise two months ahead of schedule, almost 50% of our first cohort of LPs doubled down on their earlier investments. Many referred us to people in their network. Their reinvestment in and promotion of our fund within their network is a clear indicator that our fund strategy and structure resonate with them at a deeper level.”
“Artha Venture Fund portfolio-wide revenues grew 3x in one year without raising additional capital. This frugal but explosive growth is what excites us and our investors. We will continue to scout for seed+ stage deals in our preferred investment themes of D2C, D2C enablers and B2B. Another sleeping giant that has piqued our interest in the last 12 months is the gaming sector, especially for the masses,” he added.
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