Early stage venture capital firm India Quotient has announced plans to raise Rs 300 crore ($42.3 million at the current exchange rate) in an add-on fund, Mint reported.
The fund will be utilised to participate in follow-on rounds of high growth portfolio companies.
Anand Lunia, general partner of India Quotient, said the firm will likely close the fundraising for the add-on capital by September along with the final close of its third venture capital fund of $60 million (around Rs 424 crore at the current exchange rate).
India Quotient’s existing limited partners including Binny Bansal, RB Capital, Singapore and new investors like BR Shetty, founder of NMC Hospitals, UAE, are part of the third fund.
With the new fund, the firm will also add companies from healthtech and logistics to its portfolio, the report said.
An email sent to Lunia remained unanswered till the time of publishing the story.
India Quotient is an investor in fintech firm Lendingkart and content app Sharechat.
The firm will use the add-on fund to invest in 15-20 companies out of its 70-strong portfolio. With the add-on funding, India Quotient will look at co-investing opportunities in portfolio companies at a valuation of $20-100 million.
Multiple early-stage venture capital firms are in the market for raising funds with Endiya Partners raising close to Rs 500 crore (approximately $70 million) and Kalaari Capital hitting the road for its $200 million fourth India- focused fund.