Venture Capital firm, IvyCap Ventures has raised $45 Million of the estimated $90 Million in fund 2, the report was first covered by economic times.
IIT Alumni Trust led the round with $18 Million along with participation from the existing investors from fund 1. Founded by the trip of Vikram Gupta, Norbert Fernandes and Vishal Gauri, IvyCap ventures focus on the early age growth startup founded by IITs and IIMs alumina.
Talking on the development, Vikram Gupta stated that 90% of Fund 2 will be invested in various series A and series B rounds. Also, the VC firm is keeping Rs 60 Cr ($9 Million) for IvyCap startup program.
Till now, IvyCap has focused on investing in Healthcare, Education, Foodtech, eCommerce, mcommerce and technology domains. It usually picks up 25-35% stakes for $4-$5 Million. It has by far, invested in 10 startups and looking to get more on the portfolio in the time to come. Also, IvyCap is planning to close the Fund 2 by September this year.