India-based venture capital firm 3one4 Capital has closed its second fund at Rs 2.5bn ($39.3m), having raised capital from limited partners including Reliance Ventures, a subsidiary of conglomerate Reliance Industries.
Reliance was joined by DSP Investments and an assortment of private investors including Kris Gopalakrishnan, co-founder and vice-chairman of IT services provider Infosys, and Surendra Ramanna, founder and chairman of engineering services firm TRC Worldwide Engineering.
Founded in 2015, 3one4 targets areas such as enterprise intelligence and automation, media and content development, education healthcare and financial technology. The firm launched its first fund with Rs 1bn of capital in early 2016.
3one4 Capital Fund II will provide between $250,000 and $2m to startups as part of early-stage rounds and has substantial reserves for follow-on rounds.
Companies that have so far received funding from the firm include finance-focused online media company YourStory and online butcher Licious.