Nandan Nilekani, Sanjeev Aggarwal’s Fundamentum nets $227 mn for VC fund

 Nandan Nilekani, Sanjeev Aggarwal’s Fundamentum nets $227 mn for VC fund

The Fundamentum team

Venture capital firm Fundamentum Partnership said Friday it has raised $227 million for its second fund to make investments in early growth-stage Indian startups.

Fundamentum didn’t disclose the names of its limited partners. But it said about 25% of the money comes from the Fundamentum team.

Fundamentum was started in 2017 by Infosys Ltd co-founder Nandan Nilekani and Helion Ventures’ co-founder Sanjeev Aggarwal. It had raised about $100 million for its first fund.

The firm deployed the first fund in startups such as online drug retailer Pharmeasy and auto marketplace Spinny, which have attained unicorn status. Its other investments include Fareye, a logistics SaaS startup; Ayu Health, a network of hospitals; and Probo, a technology infrastructure company for events trading.

Fundamentum said it plans to use the second fund to finance enterprises that have attained product-market fit and have developed momentum in their scale-up journey. It said it plans to lead or co-lead $25-40 million rounds, investing in four to five startups each year.

The VC firm said it will focus on tech-driven enterprises in the consumer internet and enterprise software space in India.

“At Fundamentum, we tested the waters with the first fund. We now intend to go deeper into our investment program, focus on entrepreneurs creating built-to-last companies out of India, and steadfastly support them in their exciting journey,” said Nilekani, who is general partner at the firm.

Aggarwal, who is also general partner, said the second fund was “significantly oversubscribed” and that it would continue the same strategy as used in Fund I – investing in tech-driven enterprises from India.

“A strengthened team and focus on emerging sectors such as Bharat Apps, SaaS and Clean-tech, among others, will enable us to propel growth of our investee firms,” Aggarwal said.

Sumit Upadhyaya

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