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April 4 Beams Fintech Fund (Beams), a growth stage fintech fund, has completed the first close of its maiden Fund within three months of its official launch.
The firm said it has received commitments of up to $36 million (₹270 crore) for the fund and is in advanced stages of completing the documentation. Beams will back growth stage companies operating at the intersection of financial services and technology (fintech) sector. The fund aims to reach the target corpus of $100 million within the next nine months.
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Most players are awaiting regulatory clarity on interchange ratesThe first close saw participation from domestic and international investors including banks, NBFCs, fintechs, large family offices, financial service’s CXOs and fintech founders. Existing investors of Venture Catalysts and 9 Unicorns (first fund from Venture Catalysts) also backed Beams in its first close. The fund is now in advanced discussions with several domestic and global Institutional investors and Family offices for its subsequent closes.
Investment strategy
The Series B and C oriented fund will primarily invest in 10-12 companies from the fund and will maintain its fintech focused theme. Beams follows a top down and bottoms-up approach towards investing. The team has narrowed down six major themes within the fintech space including embedded finance, products & technologies, enterprise SAAS, neo- banks and platforms catering to MSMEs.
Beams has already begun its innings by investing in millennial-focused neo-bank, Niyo Solutions Inc last month, alongside Accel and Lightrock India.
Anuj Golecha, Co-Founder & Partner, Beams Fintech Fund, said “It’s remarkable for us to achieve a first close for Beams in just a few months after the official launch. Thanks to our investors. This success in fund raising has come on the back of the track record & the team that we have built for Beams. We are building a strong operating team with a deep experience in the fintech space for the execution of this growth stage investing strategy and founders are appreciating the same.”
Beams has already onboarded Navin Surya as the Founding team member of Beams. The fund has also on-boarded several marquee Partners, Founders, Mentors & Advisors including Deepak Ahuja, Dharmesh Gathani, Ronil Sujan, Rakesh Surana, Suumit Shah, Nakul Beri, Sunil Kulkarni to add value to the portfolio companies. The fund is in the process of augmenting its investment team with strong fintech and financial services experienced investing professionals.
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