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The fund, registered with the Securities and Exchange Board of India (SEBI) as a Category II Alternative Investment Fund (AIF), has a target corpus of Rs 150 crore.
Singh said he plans to explore opportunities in agentic commerce as artificial intelligence reshapes the way consumers shop and interact with brands.
The approval follows Navi’s announcement in August 2026 that it had raised $100 million from Prosus in its first institutional funding round.
Rengaswamy said he would remain a significant shareholder in Quona Capital and continue to support the firm.
The fund is targeting a total corpus of Rs 1,500 crore, including a green-shoe option, with NABARD as its anchor investor.
The new fund has received commitments from Play Capital, a Nordic Fund of Funds (FoFs) and family offices such as Eraya, Twin & Bull Investments and Heritage Investments.
The fund has already deployed nearly Rs 55 crore across four deeptech startups.
The round also saw participation from Entrepreneur First and a group of angel investors, including backers from quantitative trading firms.
The Bengaluru-based fund is targeting a corpus of Rs 150 crore, with a Rs 50 crore greenshoe option.
More than 65% of the commitments for the first close came from overseas Limited Partners (LPs), or investors.
The fund is anchored by Self-Reliant India Fund, HDFC Asset Management Company, and HDFC AMC Select AIF FoF.
The Mumbai-based startup will use the fresh capital primarily to scale its enterprise sales infrastructure and fund advanced research and development.
The round also saw participation from a group of angel investors.
The clarification comes after FIRs were registered in Bengaluru against MobiKwik and lending partner Lendbox.
The development comes days after the CBI conducted searches across multiple locations in Chandigarh and Panchkula, seizing financial documents and digital evidence linked to the alleged scam.
Moove's former CEO Jeroen Bruinooge will stay on as SVP and GM for Europe.
The partial exit was facilitated through a secondary sale to the company's existing investors.
The second fund has a target corpus of Rs 300 crore with a greenshoe option to raise up to another Rs 100 crore.
According to the data revealed by the Ministry of Finance in a reply to Parliament, UPI fraud incidents surged by 85% in FY24.
