For $300 million, venture capital firm Stellaris Venture Partners closed its third fund specifically for seed and Series A rounds in India.
Stellaris now has over $600 million in total assets under management (AUM) thanks to the new fund. In addition to new commitments from international investors such as foundations, pension funds, university endowments, and reputable fund of funds, the new fund also attracted participation from current Limited Partners (LPs).
Fund III will invest in 25–30 startups in the financial services, enterprise software, consumer technology, and artificial intelligence domains, according to Stellaris.
Ritesh Banglani, Alok Goyal, and Rahul Chowdhri founded Stellaris in 2017, and since then, the company has invested in 44 startups through two funds. It was an early investor in Whatfix, a player in the digital adoption platform (DAP), and the consumer brand MamaEarth. Among other things, it invests in the consumer brand Nestasia, the accessories and bag brand Zouk, and the credit-on-UPI platform Kiwi.
The first fund closed at $90 million, and the second fund grew significantly to $225 million.
Naman Lahoty, the fund’s principal, was promoted to partner in 2019 by Stellaris in order to concentrate on consumer investments.
