Venture capital firm Cactus Venture Partners (CVP) has marked the first close of its maiden fund after securing Rs 350 crore.

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The early stage VC fund now expects to raise Rs 750 crore by the end of this year and plans to invest the amount in clean-tech, and health-tech companies, among others.

“The fund is in active discussions with several domestic and international institutional investors and anticipates the final close of its fund target of INR 750 crores by December 2022,” the firm said in a statement.

With a significant 15 percent commitment from the General Partners, the CVP plans on deploying this capital over the next 3-4 years, it added.

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Founded by Anurag Goel, Amit Sharma, and Rajeev Kalambi, Cactus is a global science communication, and technology company and has been investing in technology and Direct-to-Consumer (D2C) startups in the early growth stage since 2021.

CVP said aims to leverage its complementary capabilities and capital to enable new-age purpose-driven companies to achieve their true potential.

“The fund’s capital raise has proceeded at an exceptional pace, and we are grateful to the support received from our early LPs in India and internationally,” said Anurag Goel, General Partner, Cactus Venture Partners.

The VC firm’s portfolio includes tech-enabled risk management and monitoring platform Rubix Data Sciences, ayurvedic brand Auric, lifestyle brand AMPM, and SaaS healthtech platform Vitraya Technologies.

Several leading Indian VC funds including Accel, Elevation Capital, Chiratae Ventures, A91 Partners, Bessemer Venture Partners (India) and Blume Ventures have also raised new funds in the past 18 months. Most recently, venture debt firm Stride Ventures closed its second India focused fund at USD 200 million.

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First Published:Aug 18, 2022 3:36 PM IST