Early to growth stage venture capital firm IvyCap Ventures which received government nod to raise $36 mn in January last year, is targeting to close the fund in 2014 with over Rs 200 cr ($32 mn) by March 2014.
“The Fund has now received firm commitments of Rs 180 crores and, in addition, has a strong pipeline that is likely to take the Fund size to beyond Rs 200 crores before March 2014,” Vikram Gupta, Founder and Managing Partner at IvyCap Ventures said in an e-mail.
Vikram Gupta, was the chief executive officer of IndiaVenture Advisors Private Limited, a Private Equity Fund Management company backed by the Ajay Piramal Group. IvyCap Ventures had roped in former Home Secretary G K Pillai as its Chairman in August 2011 and had received market regulator SEBI’s approval earlier.
The firm has plans to invest anywhere between $300,000 to $7 million in about five companies a year.
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