New Delhi, Nandan Nilekani co-founded venture capital firm Fundamentum Partnership has launched its third fund with a target corpus of ₹2,200 crore, including a green shoe option of ₹400 crore, the investment firm said on Thursday.
Fund III will invest ₹100-150 crore in startups across consumer technology, fintech and AI-native and AI-enabled businesses.
“The Fundamentum Partnership announced the launch of The Fundamentum Partnership Fund III with a target corpus of ₹2,200 crore, including a ₹400 crore greenshoe option. As anchor LP, Nilekani has made his largest investment in any VC firm,” the firm said in a statement.
Launched in 2017 by Nandan Nilekani and Sanjeev Aggarwal, Fundamentum has made 17 investments from Fund I (2017) and II (2022) in technology-led companies across Consumer Internet, Bharat apps, Fintech, B2B Commerce, Enterprise Technology and emerging sectors in India.
“This new fund is being launched at a significant moment as India’s startup ecosystem enters a new phase, driven by technology, formalisation, expanding domestic demand and a robust digital public infrastructure that was practically absent a decade ago.
“Indian startups, in the coming decade, will scale at a pace unlike any previous generation, and Fundamentum is well positioned to enable that journey,” Nilekani said.
In consumer technology, the fund will continue to bet on models across digital commerce, content, healthcare, edtech and emerging sectors, the statement said.
Within Fintech, Fundamentum will double down on opportunities across credit, savings, wealth management, insurance and financial infrastructure.
“AI will constitute the third pillar for Fund III. Fundamentum believes a new generation of AI and AI-enabled companies will require growth capital as they scale. The firm will evaluate AI-native and AI-enabled businesses as standalone investment themes and as capabilities reshaping sectors such as Financial Services and Consumer Technology,” the statement said.
Fund III will be led by Aggarwal, Prateek Jain, Mayank Kachhwaha and CFO Sanjay Chaturvedi.
