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Homegrown VC Blume Ventures has announced the close of its Fund IV at over $250 million bringing the firm’s AUM (assets under management) to over $600 million.
Blume focuses on early-stage, technology-led startups building to solve large impactful Indian problems or taking Indian innovation to global markets. The diverse mandate extends from edtech, fintech, health, commerce and consumer internet in the former to robotics and AI to SaaS and enterprise software in the latter category.
Blume’s Fund IV investors include Indian family offices, global family offices, sovereign wealth funds (India and overseas), and emerging market Fund of Funds.
Blume Fund IV will be managed by its 15+ member investment team led by Sajith Pai, Arpit Agarwal, Ashish Fafadia, Sanjay Nath and Karthik Reddy. Through this fund, the firm will invest in 30-35 companies across different technology verticals.
Blume team
Blume, established in 2010 by Karthik Reddy and Sanjay Nath, today has over 35 professionals (outside of Constellation Blu and Metamorph, the two sister concerns), and the leadership team has grown to 10 people.
Ashish Fafadia, one of Blume’s partners, said, “It has been satisfying to see the brand scale and be able to raise a fund size that is finally commensurate to its needs and more so when there is an overall gloom around fundraising and liquidity globally. The fund size, diversity of LPs and oversubscription is a testament to the coming of age of Blume, the institution.”
Sanjay Nath added, “We are grateful to our anchor supporters and new believers who have emphatically backed Blume IV. Thanks to an increasing reality of IPO and M&A exits, there is a resurgence of 2x founders and operators, as well as higher quality first-time founders. We’re excited for Blume to become the preferred seed partner of choice for both categories.”
Blume’s portfolio include companies like Slice, Smallcase, Exotel, Unacademy, Classplus, Purplle and Dunzo among others. Blume launched it first $20 million fund in 2011 followed by $60 million Fund II and a $102 million Fund III in 2015-16 and 2018-19 respectively.
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