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Enrission India head Harsh Deodhar says that its association with Indian IITs is a "good selling point" to the Japanese LPs.
The shares were acquired by a range of institutional investors, including Societe Generale - ODI and Motilal Oswal Large and Midcap Fund.
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 funding round saw participation from DoorDash, Lachy Groom, Lightspeed and Humba Ventures.
The funding round also saw participation from India’s national badminton coach Pullela Gopichand, Darwinbox co-founder Rohit Chennamaneni, Swiggy co-founder Nandan Reddy and other angel investors.
Nexedge plans to use the fresh capital to strengthen its technology platform, expand its senior banker network and increase its presence across India, including in tier-II and tier-III cities.
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 round also saw participation from Vertex Ventures Southeast Asia and India and existing investor 3one4 Capital.
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 existing investors including Lightspeed India Partners and Burman Family Office, among others.
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.
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.
