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The new fund is around 15% smaller than Accel’s previous India fund. Accel had closed $650 million for its eighth India fund in January last year.
The Bengaluru-based startup will use the fresh capital to accelerate the development of enterprise-grade AI solutions and strengthen its Forward Deployed Engineer (FDE) model, among others.
More than 65% of the commitments for the first close came from overseas Limited Partners (LPs), or investors.
Talking about his fund, LPs, investment strategy, Cedar Hill Capital's founder Sahil Anand said raising capital remains challenging.
The shares were acquired by a mix of domestic mutual funds, insurance firms and global institutional investors.
The round also witnessed participation from existing investors Chiratae Ventures, Varanium Fintech Fund, and VCMint.
The latest sale follows another transaction in June, when Peak XV divested 33.33 lakh shares of Go Digit for around Rs 100 crore.
The fund is anchored by Self-Reliant India Fund, HDFC Asset Management Company, and HDFC AMC Select AIF FoF.
Turtlemint remains the only fintech investment that Blume Ventures has taken from seed to the public markets. But it is not the only bet from which the VC has generated liquidity.
The funding round also saw participation from a group of angel investors.
Pareto Holdings, Cory Levy, Z Fellows, and Collective Global, along with several angel investors also invested in the funding round.
The venture capital firm had raised Rs 600 crore for its second fund and was expecting to hit the first close of the third fund this year.
Among the buyers, Aditya Birla Sun Life Mutual Fund picked up 21.66 lakh shares worth nearly Rs 65 crore.
Anupam Mittal founder of People Group and existing investor TDV Partners also invested in the funding round.
Cheque sizes are expected to range between $500,000 and $3 million.
When it comes to investments in AI, Kae will not be looking at foundational models, research labs or frontier labs.
The partial exit was facilitated through a secondary sale to the company's existing investors.
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