India-based Blume Ventures closes fourth fund at over $250m

India-based Blume Ventures has closed its fourth fund at over US$250 million, pushing the firm’s assets under management to US$600 million.

Photo credit: Blume Ventures

With an initial target of US$200 million, Blume’s Fund IV attracted financing from family offices, sovereign wealth funds, and emerging market fund of funds. The investment vehicle will be managed by over 15 of the firm’s investment team members and will be used to finance 30 to 35 startups across different verticals.

The venture capital firm primarily invests in innovative early-stage, technology-led startups in fields such as edtech, fintech, health, commerce, consumer internet, robotics, AI, and enterprise software.

Blume was founded in 2010 by Karthik Reddy and Sanjay Nath. The unicorns in its portfolio include edtech firm Unacademy, beauty products retailer Purplle, credit card firm Slice, and used-car platform Spinny.

See also: A list of India’s unicorns and their early investors (Updated)

Some of Blume’s recent investments include leading the US$2.5 million pre-series A round of India-based greentech firm Aerem and joining the US$25 million series A raise of Battery Smart, an India-based electric vehicle battery-swapping network.