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3one4 Capital raises $200 Mn for its fourth early-stage fund

Early-stage VC firm 3one4 Capital, an investor in startups like Licious, Loantap, Koo, Darwinbox and Open, has closed its fourth early-stage fund at $200 million.

According to 3one4 Capital, Fund IV of was oversubscribed to $250 million (INR 2000 crore) but the firm has decided to adhere to its disciplined model and has reduced the accepted amount to $200 million in order to maintain the fund’s intended size. 

Despite market challenges and muted investor sentiment, leading global and Indian investors have continued to show strong confidence in 3one4 Capital’s strategy by investing in Fund IV as Limited Partners (LPs), the fund said in a statement.

Through the fund, 3one4 Capital plans to invest in 30-35 companies with cheque sizes ranging from $500K to $6-7 million. The median cheque size would be between $1.5 million and $3 million. 3one4 Capital marked the first close of the fund in March 2023 and has already deployed a part of the capital in over five startups.

Founded in 2016 by Pranav and Siddarth Pai, the VC firm has started raising its third flagship fund in 2020. It has raised 5 funds since its inception, including 3 flagship and 2 follow-on funds. 

In November 2021, 3one4 Capital had closed its third flagship fund at Rs 1,000 crore from CDC Group, the Japan-India Fund-of-Funds, Nippon India Digital Innovation AIF (NIDIA) and South Korean video gaming giant KRAFTON.

The newest fund for 3one4 Capital also marks the VC’s debut at GIFT IFSC (Gujarat International Finance Tech-city), which is India’s first International Financial Services Centre.

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