- 35North Ventures raised ₹100 crore in the first phase of its newly launched CAT-I AIF, India Discovery Fund II, which has a total corpus target of ₹500 crore.
- The fund plans to invest in 30-40 companies, with average cheque sizes ranging from ₹5 crore to ₹10 crore, focusing on companies with scalable business models.
Mumbai-based early-stage venture capital firm 35North Ventures has successfully raised ₹100 crore in the first phase of its newly launched CAT-I Alternative Investment Fund (AIF), India Discovery Fund II.
This fund, which follows the firm's first CAT-I AIF, aims to accumulate a total corpus of ₹500 crore, with an additional ₹100 crore available through a greenshoe option.
The Securities and Exchange Board of India (SEBI) granted in-principle approval for this fund in June.
35North Ventures, founded in 2021, specializes in investing in asset-light, tech-enabled business models. The firm's portfolio already includes 16 companies across 10 sectors, such as edtech, fintech, military tech, fashion, and food & beverages, with investments in firms like CloudTailor, SpeEdLabs, Big Bang Boom, New Space Research and Technology, Explurger, and Stupa Sports Analytics.
Sunil Gurbaxani, former CEO of Dhanlaxmi Bank and now an operating partner at 35North Ventures, will manage the fund. The firm has secured commitments from limited partners, including high-net-worth individuals in India and abroad and some corporate family offices.
Gurbaxani stated, "Post the inception of our second fund in June this year, our focus will be on companies with scalable business models and foreseeable growth."
The firm plans to invest in 30-40 companies, with average cheque sizes ranging from ₹5 crore to ₹10 crore.
Milan Sharma, Founder and MD of 35North Ventures, added,
"The investment theme in the India Discovery Fund II will be similar to the IDF-I. 35North has invested in 16 companies across 10 sectors, mostly across Pre-Series A rounds. We will be investing in a few more businesses around the same thesis."
Edited by Harshajit Sarmah
