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India’s Blume Ventures secures more than $250 million for a new fund

India’s Blume Ventures secures more than $250 million for a new fund

India-based venture capital firm Blume has reportedly raised over $250 million for a new fund as it plans to seek early-stage startups and support its portfolio firms aggressively. As per reports, the deal is taking place at a time when the South Asian market’s deal flow activity has been compromised by the global reversal in the public markets.

Blume Ventures, a 12-year-old firm that employs nearly three dozen people, initially stated it plans to raise $200 million but has broadened its goals after the inbound requests. According to the firm, the fund was backed by some of the global family offices and finest family offices, along with sovereign wealth funds of India and overseas and emerging market funds.

Blume Ventures, which holds over $600 million in assets under management, plans to use the funding to deploy a larger fund to back about 35 startups, up from 25 back in the earlier fund.

Speaking on the latest move, Karthik Reddy, founder and general partner of Blume Ventures stated that the focus is to sign more extensive checks and partake in multiple rounds of portfolio firms. Karthik mentioned that it is something the firm could not do earlier, considering its size; however, the founders are aware that the firm can support them for longer.

Karthik stated that although the firm did not have the required resources before, they have the resources now. The founder also noted that the fund would help to look back at selected pricier startups, especially those from second or third-time founders. Karthik underscored that now the firm has the money and power to do such deals and be a 50% partner, further adding that earlier, it lacked the required risk modeling.

For the record, India has become one of the leading startup playgrounds across the globe over the past decade as entrepreneurs hurried to find tech solutions to bring efficiencies or rebuild some crucial infrastructural problems impacting nearly billions of people in the country.

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