VC firm Blume Ventures has announced the first close of its Fund V at $175 Mn (about INR 1,545 Cr). The firm’s cofounder and managing partner Karthik Reddy said that the capital was raised largely from institutional investors.
While 60% of the capital was raised from existing backers, the remaining came from new investors.
Reddy said that the firm is looking to back 30-35 startups, primarily from consumer, fintech, healthtech, and deeptech sectors, via the fifth fund. The ticket size would be in the range of $1.5 Mn to $5 Mn starting cheques, “with deep reserves”.
The VC firm expects to close the fund at $275 Mn by early 2026.
So far, Blume Ventures has backed babycare quick commerce platform OZi, consumer electronics startup iDO, lab-grown diamond startup Lucira, healthtech startups Mave Health and Confido, and fintech startup PowerUp Money from the fifth fund.
The Bengaluru-based VC firm closed its fourth fund at around $290 Mn in 2022, marking an oversubscription from its size of $250 Mn. The Fund IV was active between the period 2021-2024, backing 37 startups including LightFury Games, Namma Yatri, Atomicwork, Vecmocon and Battery Smart, among others.
Meanwhile, Blume Ventures also marked the first close of its new opportunity-cum-continuity fund, Fund 1Y at INR 200 Cr in 2023.
The development comes at a time when the Indian startup ecosystem is growing at a rapid pace, and VC and PE firms are raising capital to back entrepreneurs leveraging technology to solve problems.
Yesterday, Gruhas and Collective Artists Network announced the close of their maiden fund GCCF at INR 100 Cr. Earlier this month, Artha India Ventures announced the first close of its INR 500 Cr Artha Venture Fund II and Theia Ventures marked the first close of its maiden fund with a target corpus of $30 Mn (INR 266.2 Cr).
Overall, investors launched funds worth $9 Bn in the first nine months of 2025 to back Indian startups.
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