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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 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 second fund has a target corpus of Rs 300 crore with a greenshoe option to raise up to another Rs 100 crore.
