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Economic Times
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Pavestone marks final close of tech fund at Rs 816 crore
- Hyderabad-based venture capital firm Pavestone has raised a total corpus of INR 816 crore for its technology fund, earlier targeting INR 600 crore.
- Through the Pavestone Technology Fund, the firm plans to invest in 14-15 early growth-stage business-to-business (B2B) technology companies with an average cheque size of $5-10 million.
- Investors participating in the fundraise include The Self-Reliant India Fund (family office of Mankind Pharma promoters) and Colruyt Group India.
- 80% of the fund is focussed on enterprise technology, specifically companies that solve problems for large and public enterprises in the B2B space.
- The remaining 20% of the fund is invested in moonshot or frontier technologies.
- The sectors the fund is focusing on include generative AI, cloud computing, immersive reality, advanced connectivity, and cutting-edge engineering in areas like mobility, material science, bioengineering, and space.
- The firm has already invested in five companies, including no-code AI platform E42, in-space propulsion startup Bellatrix Aerospace, and decarbonisation platform LivNSense.
- The fund is sector-agnostic, with a focus on long-term trends like digitalisation, ESG, and global supply chain realignment.
- The firm emphasises time-tested investment principles, including conducting rigorous analysis, strong risk management, and impeccable governance as cornerstones of any fund.
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