Pavestone VC marks final close of Rs 816 Cr fund

Venture capital firm Pavestone VC has marked the final close of its Pavestone Technology Fund at Rs 816 crore (around $97 million). The total corpus of the fund is Rs 816 crore, surpassing its initial target of Rs 600 crore. The corpus was increased twice through the greenshoe option to accommodate investor interest.

The fund saw participation from The Self-Reliant India (SRI) Fund, the family office of Mankind Pharma promoters, and Colruyt Group India.

Earlier in June, the maiden fund secured Rs 15 crore (around $1.8 million) from Colruyt Group India

Through this tech fund, Pavestone is looking to invest in 14-15  growth-stage B2B technology companies with an average cheque size of $5-10 million.

Founded in 2021 by Sridhar Rampalli, Srikanth Tanikella and Laxmikanth V, Pavestone VC primarily makes its bet on growth-stage startups across deeptech and enterprise tech sectors via its maiden fund Pavestone Technology Fund.

The Hyderabad-based vc firm counts E42, NewSpace Research & Technologies, LivNSense and Bellatrix Aerospace among its portfolio companies.