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Unacademy-backer Blume Ventures marks final close of its largest-ever fund at $250 million

Through Blume Fund IV, it will invest in 30-35 companies across different technology verticals, the VC firm has said

December 07, 2022 / 10:57 AM IST

Blume Ventures, which has backed unicorns like Unacademy, Slice, Purplle, Spinny and Ola, has marked the final close of its fourth and largest-ever fund at $250 million, the homegrown venture capital (VC) firm said on December 7.

The VC has become the latest investor to raise large India-dedicated funds for investing in startups amid an economic downturn.

"Thanks to an increasing reality of IPO (initial public offering) and M&A (mergers and acquisitions) exits, there is a resurgence of 2x founders and operators, as well as higher quality first-time founders. We’re excited for Blume to become the preferred seed partner of choice for both categories,” said Sanjay Nath, co-founder, Blume Ventures.

All of Blume Ventures' previous investors (limited partners or LPs), which include family offices, sovereign wealth funds, and emerging market fund of funds, invested in the fund, the VC said in a statement. The fund was oversubscribed as its initial target was $200 million, the firm said.