Mumbai-based venture capital firm BLinC Invest on Thursday announced the final closure of BLinC Fund II, a SEBI-registered fund. The fund was oversubscribed after receiving significant commitments from a number of Indian and global investors, including HNIs, family offices, corporate and institutional investors.
In addition, fund sponsors have pledged more than 8% of the fund against a regulatory requirement of 2.5%.
BLinC Invest initially announced the launch of its 100-crore SEBI-Registered Division-II Alternative Investment Fund (AIF) in April 2021 with an initial closure of Rs 30 crore. The fund made its first investment in an Insurtech start-up – Vital – and led its Series A round in June last year.
BLinC Fund II will primarily focus on the edtech and fintech segments, especially in the early stages. The fund has set a general benchmark for determining start-ups for the fund – it will provide investment support to all primary tier Indian edtech and fintech companies, including a finished product with a revenue of over Rs 2 crore. BLinC said in a statement that these companies must demonstrate at least $ 1 billion in market potential and evidence of global dominance.
Behind BLinC Fund II, the company aims to invest around Rs 5-7 crore out of Rs 10-20 crore. The fund portfolio company works closely with the management team and adopts a co-founding approach to their investment to help them. The fund will also benefit from the rich industry experience of its advisory board for empowering portfolio companies.
“We are delighted to provide our enhanced support through funding and expertise in both Adtech and Fintech as they are undoubtedly the backbone of the Indian economy. Technology has emerged as a key contributor to the success of these early companies, and we believe that these two sectors have the greatest potential in terms of scale and profitability in light of the positive impact they have on their users and their lives. “Amit Ratanpal, Founder and MD The statement said.
The BLinC Invest team has in the past invested over Rs 300 crore in the top 25 companies. The fund also has eight major exits.
BLinC’s new funding comes at a time when the Indian start-up ecosystem has broken all previous funding records, with the country now having about 96 unicorns.
Part of the creation of this unicorn has happened in the last one year alone.