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The Bengaluru-based startup will use the fresh capital to accelerate product innovation, strengthen its technology stack, and expand its market presence across India.
The fund is nearly twice the size of Ascent Fund II, which closed at $254 million in 2022.
The fund is anchored by HDFC AMC’s Select Fund of Funds I.
The funding round also saw participation from GrowthCap Venture Fund.
This comes after the the Union Cabinet had approved the Startup India Fund of Funds 2.0 earlier in February.
The round also saw participation from Industrial47 and angel investors such as Lalit Keshre, co-founder of Groww, Razorpay founders and Bhukhanwala Industries.
The investment rounds saw participation from Inuka Capital, Boundless Ventures, Boost VC, Turbostart, and earlier investor gradCapital.
The target corpus of the new fund includes a greenshoe option of Rs 150 crore.
The turnover limit for being considered a startup for the deep tech entities has also been increased to Rs 300 crore.
The venture capital firm will invest up to $2 million across seed to Series A in an individual startup.
Each member of the alliance will commit "meaningful private capital" over 5-10 years to India-based deep tech companies.
