Series B focused investment firm The Fundamentum Partnership has launched Fundamentum Fund III with a target corpus of Rs 2,200 crore, including a Rs 400 crore greenshoe option. The firm said cofounder Nandan Nilekani has made his largest investment in any venture capital firm as the fund’s anchor limited partner. Fundamentum, which focuses exclusively on Series B investments in India, is launching its third fund after its 2017 and 2022 vintages. Fund III continues the firm’s thesis driven strategy of investing in early growth stage startups that have achieved product market fit and are preparing to scale. Over the past decade, Fundamentum has backed companies including Kuku, Spinny, PharmEasy, AppsForBharat (Sri Mandir), and Stable Money. Fund III will remain sector agnostic, with consumer technology, fintech, and AI native and AI enabled businesses as its primary focus areas. The fund plans to invest Rs 100 crore to Rs 150 crore per company on average. Within consumer technology, the firm will continue to invest across digital commerce, content, healthcare, edtech, and emerging sectors. In fintech, it will focus on credit, savings, wealth management, insurance, and financial infrastructure. The fund will also evaluate AI native and AI enabled businesses as standalone investment themes as well as capabilities transforming sectors such as financial services and consumer technology. Fund III will be led by Sanjeev Aggarwal, Prateek Jain, Mayank Kachhwaha, and CFO Sanjay Chaturvedi. According to the firm, Fund II has generated a gross IRR of 26%, while its portfolio companies recorded 123% growth over the past year. Founded in 2017 by Nandan Nilekani and Sanjeev Aggarwal, Fundamentum typically leads or co leads funding rounds of $15 million to $40 million and invests in four to five startups annually. The firm focuses on technology driven startups across consumer internet, fintech, B2B commerce, enterprise technology, and AI native and AI enabled businesses. Its portfolio includes companies such as Spinny, PharmEasy, Kuku, Wishlink, ProcMart, AppsForBharat, FlexiLoans, Apna Mart, Stable Money, TransBnk, and Olyv. Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investorshere.
