ICICI Venture Funds Management has completed raising $190 million for its fourth fund titled India Advantage Fund Series 4, a sector agnostic fund like its predecessors, from existing investors and an unnamed Asian sovereign wealth fund, reports Mint. The company expects to raise more capital for this fund over time. ICICI Venture is a fully owned subsidiary of ICICI Bank. It is also looking to exit existing investments by secondary and asset sales, the report added.
As of now, there are 9 companies in the India Advantage Fund Series 3 and ICICI Venture has made 3 partial exits. ICICI Venture has realised $845 million from 33 exits across its first 3 private equity funds in the last 6 years, but it is unclear as to how much it had invested in the companies that time. In its Fund 1 Series, the company has InfoMedia18, PVR Cinemas among others, in Fund 2, it includes Mahindra Retail, PVR Limited, PVR Pictures, in Series 3, there’s Adlabs Entertainment and BTI Payments among others.
BTI Payments stake and IBM deal: In December 2013, ICICI Venture picked up a strategic stake in BTI Payments, an ATM management company and a subsidiary of Banktech Group, Australia, for Rs 140 crore. In January, IBM and BTI Payments signed a Rs 260 crore deal, in which the latter would use IBM’s ATM solution to deploy and manage its ATMs.
Recently announced funds in India:
– Last month, medical equipment provider Trivitron’s Managing Director GSK Velu floated two investment funds—a Venture Capital fund under Stakeboat Capital targeting to raise $100 million, and a family office fund with a corpus of $75 million.
– In the same month, equity firm Paragon Partners launched Paragon Partners Growth Fund I, a $200 million India focused fund for financial services, infrastructure services, industrials and healthcare services.
– In February, 500 Startups launched a new $25 million fund to invest in India, Sri Lanka and Bangladesh. The fund would focus on early stage companies that have demonstrated traction.
– In the same month Nokia Growth Partners announced a new $350 million fund IV, for investing in IoT companies in the US, Europe, India and China.
– In the same month, IDG Ventures India launched an India-focused tech fund with a target amount of $200 million.
– In January, Storm Ventures launched a new fund for software-as-a-service (SaaS) startups in India, with an allocation of at least $10 million for the fund.
– In the same month, Unicorn India Ventures finished a first close of Rs 40 crore on its Rs 100 crore fund. The fund will invest in early stage startups in verticals like mobile, social media, analytics, cloud tech and Internet of Things (IoT).
– In December 2015, China-based mobile internet firm APUS Group launched a fund in India worth Rs 300 crore to invest in startups.
– In December 2015, Industrialist Sudhir Menon and digital marketer Atul Hegde had setup a new start-up fund called Rainmaker Ventures. The fund’s size will be $50 million and it would invest in startups across healthcare, education, mobile and FMCG.