Asset management firm Singularity Ventures AMC has announced the first close of its second fund – Singularity Growth Opportunities Fund II – at Rs 500 crore. The second fund has a total corpus of Rs 1,500 crore.
It deploys up to 20% of the corpus in growth stage startups, another 20% for pre-IPO companies, and about 40% of the corpus is for growth equity for companies where it has held stake for around four years.
Singularity Growth Opportunities Fund II will also deploy the corpus in a similar manner. The firm is targeting investments of Rs 75 crore- Rs 175 crore in around 14-16 startups.
Led by Madhusudan Kela, Singularity focusses on consumer, manufacturing, enterprise software, and financial services. It has so far invested in startups like mCaffeine, Exotel, WebEngage, XYXX, and Lohum Cleantech.
Its first fund of Rs 560 crore was launched in 2021 and marked its final close in March this year. The fund invested in 17 companies, including the likes of All-Cargo Logistics and Jana SFB.