Mumbai-based venture capital firm BLinC Invest on Thursday announced the final closure of BLinC Fund II, a Sebi-registered fund. The fund was oversubscribed, having received sizeable commitments from several Indian and global investors, including HNIs, family offices, corporates and institutional investors.
Additionally, the fund sponsors have committed over 8% of the fund against the regulatory requirement of 2.5%.
BLinC Invest initially announced the launch of its Rs 100-crore Sebi-registered Category-II Alternative Investment Fund (AIF) in April 2021 with a first close of Rs 30 crore. The fund has also made its first investment in an Insurtech start-up — Vital — and led its Series A round in June last year.
BLinC Fund II will primarily focus on edtech and fintech segments, especially in the early stages. The fund has structured a simple criteria to determine start-ups for funding — it will offer investment assistance to all early-stage Indian edtech and fintech companies with a ready product with more than Rs 2-crore revenue. These firms must also show evidence of market potential of at least $1 billion and an ability to have global dominance, BLinC said in a statement.
On the back of BLinC Fund II, the company aims to make around 5-7 investments in the range of Rs 10-20 crore. The fund takes a co-founder approach with its investments by working very closely with the portfolio company management teams to help them scale. The fund will also leverage the rich industry experience of its advisory board to empower the portfolio companies.
“We take immense pleasure in offering our extended help by way of funding as well as expertise to both edtech and fintech sectors as they are undoubtedly the backbone of the Indian economy. Technology has emerged to be the key enabler to success of these early-stage companies, and we believe these two sectors show most potential from a perspective of scale and profitability in light of the monumental positive impact that have on their users and their lives,” Amit Ratanpal, founder and MD of BLinC Invest, said in a statement.
BLinC Invest team has successfully invested over Rs 300 crore in leading 25 companies in the past. The fund has also eight prominent exits as well.
BLinC’s new fund comes at a time when the Indian start-up ecosystem has broken all previous funding records, with the country having around 96 unicorns to date.
A chunk of this unicorn creation took place in the last one year alone.