Early stage venture capital fund investor Fulcrum Ventures is looking to offload 10-15 per cent stake in its first fund at a valuation of Rs 300 crore through a private equity exit. The fund — Fulcrum Ventures Fund I — started with a corpus of Rs 12.9 crore, and had invested in two companies, Q Ratio and Casa Grande.

Krishna Ramanathan, Founder Partner of Fulcrum Ventures, said: “We hope to finish this year with a topline of Rs 65 crore on fund I. We continue to be in talks with a few PE players, but there is gap in our valuation expectations. We are looking for the right partner at the right price and asking for a valuation of Rs 300 crore. This process could take six months to 1.5 years. We are looking at an investment return of 15-20 times. We hope to accelerate this process after the closure of our second fund”.

Fulcrum Ventures is to announce the first closure of its second fund on September 9. The fund, started with an investment corpus of Rs 45 crore, was deployed in three companies - Congruent Solutions (Rs 8 crore), Shield Healthcare (Rs 22 crore) and Richfeel Technology Centre (Rs 15 crore).

According to Ramanathan, the first closure of the second fund would be at Rs 60 crore. “Subsequently, we are targeting the second and final closure in two-three months at Rs 75 crore. We are hoping to get a 25 per cent Internal Rate of Return annually through this fund,” he added.

The proceeds from the part exit of the first fund would be utilised to set up the company’s third fund, which is in its conceptual stage now.

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