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The funding round also witnessed participation from several industrial entrepreneurs and existing investors, including Nikhil Sawhney and Varun Agarwal.
The Bengaluru-based fund is targeting a corpus of Rs 150 crore, with a Rs 50 crore greenshoe option.
The shares were picked up by a clutch of institutional investors, including Integrated Core Strategies (Asia), Singularity Large Value Fund III and F3 Advisors.
The latest sale marks Ribbit Capital’s second major share sale in Groww this year.
The round also saw participation from Antler Elevate, Antler India, Manish Gandhi and Shastra VC.
The funding round also saw participation from existing investors Together Fund and Array VC.
The round also saw participation from existing investors Notable Capital, NEA, Neo Ventures and 8VC, along with new investors Acrew, Forerunner, Goodwater and Peak XV.
The transaction marks Y Combinator’s second significant share sale in Groww this year after the six-month lock-in period for investors ended following the startup's listing late last year.
The venture capital firm has already deployed more than Rs 100 crore across seven startups, including EtherealX and Zebu Intelligent Systems.
The funding round also saw participation from DeVC, Antler India, Panthera Peak, and a group of angel investors.
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.
Foxhog and its CEO Tarun Poddar are swiftly stepping into government corridors, IIT campuses, and media conclaves – all to burnish their image as a VC player.
