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The fund will primarily target seed and Series A startups, with a focus on companies building practical AI-powered applications for consumers and enterprises.
Fund III will invest across sectors, with a strong focus on consumer technology, fintech, and businesses leveraging artificial intelligence.
The fund will be anchored by Safari Commercials, with Alphagrep Group's Mohit Mutreja among its Limited Partners (LPs).
Nandan Nilekani will back F2A as an anchor investor, similar to his involvement with Fundamentum Partnership.
Cheque sizes are expected to range between $500,000 and $3 million.
The total corpus includes a greenshoe option of Rs 250 crore.
The venture capital firm expects to receive majority of the capital for the fund from foreign LPs.
Beyond capital, the fund aims to offer portfolio companies strategic guidance and domain expertise from KRAFTON's gaming and platform experience and Naver's product and AI capabilities.
Shailesh Lakhani and Harshjit Sethi, who were managing directors at the venture capital firm, had come together last year to form the venture capital firm.
The contribution will be made either directly and/or through its wholly-owned subsidiaries, which include Smartweb Internet Services.
AI and deep tech will continue to dominate the fund’s thesis, perhaps even more strongly than before.
