Bengaluru-based Inflexor Ventures, an early-stage venture capital firm that invests in science, engineering, and technology startups, said on July 28 that it had completed the first close of its third fund.

The firm secured 4 billion rupees (US$41.6 million) in commitments toward a target corpus of 12.5 billion rupees (US$130 million).

The firm said Fund III will back pre-series A and series A startups and plans to write initial cheques of 150 million rupees (US$1.56 million) to 450 million rupees (US$4.68 million) across 22 to 25 companies.

Inflexor added that the fund has begun deployment and expects to announce its first investments in the coming weeks.

Backers include the Self-Reliant India Fund, HDFC Asset Management Company (HDFC AMC), and HDFC AMC Select AIF Fund of Funds (FoF).

The Self-Reliant India Fund is a government-backed fund of funds set up to help Indian micro, small, and medium enterprises raise equity capital.

It does so through venture capital and private equity funds registered with the Securities and Exchange Board of India (SEBI).

The close also comes as domestic limited partners (LPs) now account for 52.7% of capital raised by India-focused private equity and venture capital funds, according to industry data cited by the Indian Venture and Alternate Capital Association (IVCA), 360 ONE, and Crisil.

🔗 Source: Inflexor Ventures