3one4 Capital closes $200 mn early-stage fund

3one4 Capital, India-based early stage venture capital firm, has closed its fourth early-stage fund (sixth fund overall) at $200 million.
Dollar spending on technologyThe fund was vastly oversubscribed within a timeframe of 2.5 months since the inception of the raise process.

“We are building 3one4 Capital to be the leading Indian homegrown venture capital firm, and this requires us to set an example of decadal discipline and consistent performance,” said Pranav Pai, Partner, 3one4 Capital.

Though Fund IV of 3one4 Capital was oversubscribed to $250 million, the VC firm has decided to adhere to its disciplined model and has reduced the accepted amount to $200 million in order to maintain the fund’s intended size.

In total, the VC firm will manage $510 million of committed capital and $750 million in assets under management. The cumulative market cap of the companies in the portfolio is over $7.5 billion.

Investors in 3one4 Capital include India’s three systemically important banks, five of India’s largest listed banks by market cap, eight of India’s leading mutual fund operators, leading US university endowments, global sovereign funds, global corporations and insurance companies, leading corporations and a selection of India’s largest family offices.

The first close of Fund IV was completed in March 2023, and over five deals have already been approved or invested in. The final close is expected by the end of Q1 FY 2023-24.

3one4 Capital plans to continue its early-stage strategy, focusing on sectors such as consumer internet, SaaS, fintech, and Enterprise and SMB digitisation, while increasing investments in newer areas such as digital health, climate tech and more.

“We will double down on India-specific businesses, given our lessons from market leaders such as Licious, WeRize, and KukuFM, and will remain bullish on India’s consumption patterns,” said Anurag Ramdasan, Partner, 3one4 Capital.

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