IDG Ventures India, the Indian venture capital affiliate of IT media company International Data Group, has raised $150m for its third fund, the Economic Times reported today, citing two people directly familiar with the development.
Founded in 2006, IDG Ventures India’s portfolio has included e-commerce company Flipkart, business intelligence provider Manthan Systems, online baby and childcare retailer FirstCry and online travel booking platform Yatra.
The firm is targeting $200m for IDG Ventures India Fund III and aims to reach a final close by the end of 2016. The fund will be double the size of its first two, and the larger amount is being raised to equip IDG Ventures India with the means to make more investments at series B stage and beyond.
A source told ET: “Around one-fourth of the fund will be allocated to later-stage investments.”
The third fund will continue to focus on priority areas for the firm including software, consumer and healthcare technology, and will also explore fintech. Capital has already been invested in rounds raised by eyewear e-commerce company Lenskart and health and fitness app developer HealthifyMe.
IDG Ventures India has sourced the capital “from domestic investors like family offices besides existing limited partners,” a source told ET. About $15m is expected to come from clients of India-based wealth manager Edelweiss.