Dubai-based venture capital NB Ventures plans to start a new vehicle in partnership with Mumbai-based early-stage venture firm Blume Ventures, said Neelesh Bhatnagar, founder and Managing Director.

The target size of the fund is around $50 million and the two firms are in talks to work out the modalities, he added.

“We are planning to launch a venture fund in another three months,” said Bhatnagar, former CEO of Landmark Arabia.

A lot of HNIs look for investment advice and opportunities to connect and expand in West Asia, he said .

Since its inception, NB Ventures has invested in more than 50 start-ups focussed on new-age digital start-ups in several industries, including healthcare, education, logistics, retail, lifestyle, hospitality, information technology, and e-commerce.

Recent investments have been in an array of start-ups such as Pixxel, Melorra, Otto, Purplle, HealthifyMe, Leverage Edu, Pernia’s Popup, Thirdwave, and others.

Bhatnagar said he is currently investing through his family office and is also an LP in more than 10 funds, including Accel, Fireside Ventures and Chirate Ventures.

“As I invest in Indian start-ups, I can help them tap the West Asian geography by helping them find the right resources to expand their business here,” he said.

Bhatnagar worked at the UAE-based Landmark Group for over 15 years and set up the venture to deploy capital from the family office.

Speaking about the investment ethos, he said as a fund it looks for business of scale with a clear path to profitability.

“As an investor, I look for late-stage and growth-stage investment, with institutional co-investors leading the round,” he said.

He added that the fund is doubling down its investment in existing portfolio companies.

To date, the company has taken three exits, but has not exit the company entirely.

“I take out my investment plus a little more and leave the balance within the company,” Bhatnagar added.

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