The final close of its fourth fund, Blume Ventures, was oversubscribed from the original target of $200 million. The new fund, named Blume Fund IV, takes the firm's total assets under management AUM to over 600 million.
The Mumbai-based early-stage investor counts India and global family offices, sovereign wealth funds, India and overseas and emerging market Fund of Funds among the Limited Partners for its latest fund.
Blume supports start-ups that build solutions for large, impactful Indian problems across sectors such as edtech, fintech, health, commerce and consumer internet, and innovations emerging from the country, which have global market opportunities across robotics, artificial intelligence, software as a service, SaaS and enterprise software domains.
The 12 year old venture fund was founded in 2010 by Sanjay Nath and Karthik Reddy. The fourth fund will invest in 30 -- 35 companies across different technology verticals and will be managed by a 15 member investment team, led by Sajith Pai, Arpit Agarwal and Ashish Fafadia.
We are grateful to our anchor supporters and new believers who have emphatically supported Blume IV. Whether building for global markets or domestically, the best founders and LPs would like to work with a Fund that can be considered world-class, which has spurred us to continue institutionalizing and bolstering our platform, team and capabilities. Sanjay Nath said that there is a resurgence of 2 x founders and operators, as well as higher quality first-time founders due to the increasing reality of IPO and M&A exits.
Blume, who was originally launched as a Superangel fund, went on to raise $20 million in Fund I and invest in over 60 start-ups. Some of the leading companies from the first fund vintage include online cosmetics retailer Purplle, warehouse automation company Grey Orange, insurtech start-up Turtlemint, and recommerce marketplace Cashify.
In 2015 -- 16 and 2018 -- 19, it raised successor funds, growing to a $60 million Fund II and a $102 million Fund III. A handful of unicorns were born out of these two funds, including edtech firm Unacademy, fintech start-up Slice, and used car retailing platform Spinny. Delivery start-up dunzo, edtech firm Classplus, device management firm Servify, application testing firm Lambdatest, and spacetech start-up Pixxel are among its portfolios from Fund II and III.
Blume also manages Continuity funds including secondary funds Fund I winners Opportunity funds Fund I and II winners and other Special Purpose Vehicles SPVs.