The Pavestone Technology Fund was closed at a final value of Rs 816 crore, or roughly $97 million, by venture capital firm Pavestone VC. The fund has surpassed its initial target of Rs 600 crore, with a total corpus of Rs 816 crore. In order to satisfy investor interest, the corpus was expanded twice using the greenshoe option.
Colruyt Group India, the family office of Mankind Pharma promoters, and The Self-Reliant India (SRI) Fund participated in the fund.
Colruyt Group India contributed Rs 15 crore, or about $1.8 million, to the inaugural fund earlier in June.
With an average check size of $5–10 million, Pavestone hopes to invest in 14–15 growth-stage B2B technology companies through this tech fund.
Pavestone VC was founded in 2021 by Sridhar Rampalli, Srikanth Tanikella, and Laxmikanth V. Through its inaugural fund, the Pavestone Technology Fund, the firm mainly invests in growth-stage startups in the deeptech and enterprise tech sectors.
The portfolio companies of the Hyderabad-based VC firm include E42, NewSpace Research & Technologies, LivNSense, and Bellatrix Aerospace.
