Sprout Venture Partners, an early-stage venture capital fund, has raised close to $10 million as part of its second fund, according to ETtech report.
The Sebi-registered investor intends to raise an additional $5 million by the middle of next year, to take the corpus to $15 million.
As a part of its first fund, Sprout VP had raised $5 million, which was invested across 13 companies.
Founded in 2017 by Sahil Gupta and Sunil Jain, Sprout VP looks to invest in very-early-stage companies. It has invested in AI infra company Pixis, digital-first distribution platform Ripplr, global employee-engagement platform AdvantageClub, full-stack digital media platform Rusk Media, and others.
One of its portfolio companies, sports infrastructure startup Fitso, was acquired by Zomato in 2021. “We have made a few exits (from the first fund) and it is on course to deliver top quartile returns. We will continue to invest with the same strategy in Fund II, but with a higher initial cheque size and more follow capital,” said Sahil Gupta, managing partner, Sprout VP.
Gupta added that Sprout will invest the second fund across 12 to 15 companies with an average cheque size of $500,000, mostly focusing on pre-seed to pre-series A rounds. In terms of sectors, Sprout wants to invest across two themes: the consumption play emerging from the demographic profile in India, and innovation play emerging from the technological talent.
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.