BlueGreen Ventures launches $75 million fund to back early-stage startups

BlueGreen Ventures founders Anup Jain and Rajeev Suri.

BlueGreen Ventures, co-founded by seasoned investors Rajeev Suri and Anup Jain, has launched a $75 million venture fund aimed at India’s early-stage startups.

The fund, anchored by global CEOs, CXOs and firms and Indian founders, seeks to propel high-growth sectors in India’s evolving startup landscape, the firm said in a statement on November 13.

“We are privileged to have the full support of the ecosystem as we approach our first close,” Suri and Jain said. “They have placed their trust in us, recognising our commitment, values, and passion for partnering with founders to create success stories.”

The first close is expected soon, with support from angels, government bodies, and fellow venture capitalists.

BlueGreen Ventures claims to take a two-pronged approach to investing. First, the fund targets early-stage startups from Seed to Series A, with focus on high-impact areas such as climate and sustainability, fintech solutions for “new India” and business-to-consumer (B2C) ventures.

BlueGreen will lead investments in this segment, writing cheques from Rs 7 crore to Rs 12 crore and plans to work closely with founders to help navigate early-stage challenges.

Second, the fund will support mature companies positioned for initial public offerings (IPOs) within the next four to five years by investing through secondaries, with cheque sizes ranging from Rs 20 crore to Rs 30 crore.

This approach has already sparked interest among limited partners (LPs) due to the growth potential in India’s startup ecosystem, the founders said.

To strengthen its focus on climate investments, BlueGreen Ventures has appointed Sophie Lambin as a strategic adviser.

Lambin, CEO and founder of London-based Kite Insights and The Climate School, brings expertise in sustainability and corporate responsibility, having worked with organisations such as L’Oréal, Citibank, and PwC.

As General Partners, Suri and Jain have a track record of leading successful investments. From 2018 to 2021, their first round of investments achieved an over 60 percent internal rate of return (IRR) and returned nearly the full principal amount to limited partners (LPs), they said.

Notable companies in their portfolio include BatterySmart, Zupee, Beato, Werize, Karbon, Ixigo, Vedantu, Mobikwik, CarDekho, Wright Research, Bimaplan, Nxtwave and Varaha.