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Blume Ventures raises $30M for Fund II; targets $60M by March

Mumbai-based seed fund investor Blume Ventures has raised $30 million for its Fund II, led by ICONIQ Capital and participation from IIFLWealth and the Government’s India Aspiration Fund, reports iamwire. Blume Ventures is targeting an overall fund of $60 million, and aims to complete a second funding by late February. The company will invest these funds in 35-45 startups with each startup receiving $500,000 to $700,000 in seed investment. It mentions that it previously used to invest $200,000 in each startup, but the valuations have gone up and startups are getting better, so it wanted to put in more money. Blume Ventures also said that it would increase the stake it received in each startup. Blume Ventures’ investments in India: - Earlier this month, Blume Ventures, Uniqorn Ventures and Sequoia Capital invested in Chillr. - In August, GreyOrange, a robotics and warehouse automation startup, raised $30 million from Tiger Global and Blume Ventures. - In June, Belong raised $5 million from Matrix Partners, Blume Ventures and others. - In June, Glamrs, a beauty and fitness platform for women, raised funding worth $1 million led by Ventureworks India with participation from Blume Ventures & others. - In January, enterprise mobility firm Nivaata raised funds from GWB Group & Blume Ventures, while Purplle secured funding from IvyCap Ventures & Blume Ventures. Other funds: - Earlier this week, industrialist Sudhir Menon and digital marketer Atul Hegde set up a new $50 million early stage start-up fund called Rainmaker Ventures - Earlier this month, China’s APUS Group…

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