Blume Ventures, Venture capital fund, has secured Rs 350 crore in secondary fund with Avendus Capital.
The venture firm said, “This vehicle will invest in the fund’s large portfolio companies and continue to support them for a longer period.”
The firm added, “Blume Ventures Fund 1X will allow interested new investors, existing Blume Fund 1 and allied entities’ backers to hold the top performers in Fund 1 for an additional period of four to five years.”
Founding partner at Blume Ventures – Karthik Reddy, said, “We believed that the capital markets were harsh to some of our best Fund I founders (pre-2015) and we wanted to back them as they began to shoot up to their true potential. In Avendus, we found a willing partner to structure this. We are excited and hope to see 4-5x growth in each of the portfolio companies from here in four to five years.”
“We continue to be in further discussions for select assets, including with global-first innovation businesses and those targeting the Indian consumer from the remainder of the portfolio, which will be part of another, similar portfolio basket,” said Ashish Fafadia, partner at Blume Ventures.
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