IvyCap ropes in Fosun Capital’s India & Southeast Asia co-head

 IvyCap ropes in Fosun Capital’s India & Southeast Asia co-head

Tej Kapoor

Indian early-stage venture capital investor IvyCap Ventures, which marked the first close of its third fund at Rs 1,608 crore ($214 million) earlier this year and was looking to upsize the fund to scoop up over $300 million, has named Tej Kapoor as a managing director.

Kapoor was elevated as a global partner at Fosun RZ Capital earlier this year and has been serving as a co-executive president for India and Southeast Asia for the last three-and-a-half years. He had joined Fosun FZ as the head of India unit six years ago.

Previously, he led DMG (Daily Mail Group’s) investments, acquisitions and strategic partnerships in India. In the past he had also served as head of M&A at Naspers in India and prior to that spent time with AOL.

Kapoor’s move leaves a leadership gap at Fosun in India.

Fosun RZ Capital was founded in 2013 and has been investing in deep tech, AI, fin-tech, healthcare, e-commerce, logistics and travel industries.

Spawned by Fosun Group, the independent investment group has backed over 100 companies including names like Delhivery, Kissht, Ixigo and Dot in India.

Early this year, it completed the raising of its third RMB-dominated fund. The size of the newly raised fund, which is registered at Shanghai’s Songjiang District, is 2 billion yuan (over $300 million).

It had said in February it has assets under management of nearly 10 billion yuan (almost $1.6 billion).

Originally focused on China, Fosun RZ Capital entered the South-east Asian and US markets in 2014, followed by the Indian market in 2016, and Israel in 2019. The company is also preparing for a USD-denominated fund.

IvyCap

Mumbai-based IvyCap, founded by Vikram Gupta, currently manages a portfolio of over 30 companies and has clocked around half a dozen exits, including a partial exit from Purplle from the first fund. Some of its portfolio companies include Clovia, BlueStone, Biryani by Kilo, Convosight, Miko, Elucidata, ftcash, and others.

The VC firm raised Rs 240 crore for the first fund that was launched in 2014, and pooled Rs 535 crore for the second fund. The VC firm has also raised a Rs 60-crore angel fund.

Its new fund, which is aiming as much as Rs 2,500 crore, will push it to the big league of local VC fund managers.

IvyCap’s new fund will continue to invest in companies operating in consumer-tech, deep-tech, health-tech, fin-tech, SaaS, and ed-tech domains. It will deploy an average Rs 30-40 crore in initial corpus in 20-30 companies.

Vivek Sinha

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