Mumbai-based Cactus Venture Partners has raised INR 630 crores (approximately $76 million) in the final close of its maiden fund earlier this month.
The first close of this fund took place in August 2022, when it raised INR 350 crores (approximately $44 million). Proceeds from this fund will be used towards investing in early growth-stage startups, with a focus on climate technology, health technology and B2B Software-as-a-Service (SaaS) startups.
On its website, the firm says it predominantly prefers to invest in companies that have an established product market fit, are looking to raise capital at Series A and offer it the potential to “supplement founder efforts with its Growth Acceleration Playbook (GAP)”.
According to a press statement, 60% of the funds have been backed by domestic partners such as SIDBI, Self-Reliant India Fund and the UP Startup Fund, while the remainder comes from international limited partners from the US, UK, Singapore and EU.
Founded in 2020, Cactus Venture Partners currently has five companies in its portfolio and with the close of the fund, it said it aims to make 8-10 more investments within the next two years.
“This milestone our commitment to support innovative ventures in India,” the investment firm wrote in a LinkedIn post. “We are excited to continue backing groundbreaking ventures and driving growth in the Indian startup ecosystem.”
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Shruti Khairnar is a seasoned B2B reporter with a diverse background in financial journalism. She has written for prominent B2B publications including FinTech Futures, ESG Investor, Sustainabonds and more.
