Arkam Ventures holds final close for early-stage fund after being delayed by COVID-19 – report | AltAssets Private Equity News
Summary
Co-founder Rahul Chandra said COVID-19 had caused delay in the closing of the fund, especially in 2020, according to the report. Never miss a story – click to sign up to AltAssets’ free daily PE newsletter 40% of the fund’s committed capital is rupee-denominated, while international institutional investors including UK’s development finance institution, British International Investment Plc, Nippon India Digital Innovation, Dubai-based Evolvence group, Small Industries Development Bank of India have backed the fund. It will make six additional investments in the $3m range and focus on pre-series A to series B deals. Chandra said, “We will continue to back startups in mobility, fintech, edtech/skilling, health and agriculture across B2B and B2C.These have to cater to middle India.” Arkam Ventures was rebranded from Indian venture capital house Unitary Helion in 2020 amid sealing the first close of its INR7bn ($93m) targeting debut fundraise. It says that those consumers just below the top of the pyramid are likely to drive the bulk of demand, income, and consumption growth over the next decade.