Ankur Capital, an early-stage venture capital fund that invests in tech-focussed start-ups in agritech and healthcare, has achieved first close of its second fund at ₹240 crore. It hopes to reach the targeted close of ₹350 crore for the fund later this year.

According to a press release, the CDC Group plc, UK’s impact investor and development finance institution, has invested in the second fund. Others investors include existing Limited Partners (LPs) such as the Dutch Good Growth Fund and SIDBI, which has put in money from its Fund of Funds Start-up programme. The fund also raised money from a number of domestic and international LPs.

Ankur Capital, founded by Ritu Verma and Rema Subramanian in 2014, has completed investing from the first fund of ₹50 crore. It invested in 14 companies, including CropIn, Niramai, Healthsutra, ERC and StringBio. Nearly 70 per cent of the investment from the first fund was in agritech, 20 per cent in healthtech and the balance in enablers. From the first fund, the VC firm invested up to ₹5 crore in the start-ups.

The release quoted Ritu Verma, co-founder and Managing Partner, Ankur, as saying that the fund’s investing philosophy was to support entrepreneurs who were building technology-led solutions for the mass markets.

Rema Subramanian, co-founder and Managing Partner, said Ankur would go deeper with its investments and would support companies from ₹3 crore to ₹35 crore, from the second fund.

The second fund will continue its focus on technologies that unlock markets for the next billion. It will invest in agritech, food and healthcare and look to invest in fintech and edtech. Ankur expects to invest in 15-18 companies from the second fund and will look to deploy in 6-8 companies this year.

CDC, the release said, would work closely with Ankur and play a key role in advancing the fund’s approach to environmental and social practices, both at the fund and at the portfolio level.

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