A99 (formerly Artha99), an early-stage venture capital firm, is planning to raise its third fund with a target corpus of $100 million (roughly Rs 870 crore).
With a check size of between $5 million and $10 million, the company plans to support 12 to 15 startups in the manufacturing and infrastructure sectors with this fund.
Startups in the Pre-Series A to Series B stages will be the main focus, according to a99. Additionally, $30 million in soft commitments have been given by both new and current investors. By April 2026, the venture capital firm hopes to announce the fund’s first close without a green shoe option.
The Chennai-based company, which was started by Vignesh Shankar in 2021, introduced Fund II in 2022 with an initial target corpus of Rs 50 crore. A greenshoe option was later exercised, raising the total corpus to Rs 105 crore.
The venture capital firm has made investments with its Fund II in a number of companies, including Aditya Avartan, Intangles, Innocule, EzerX, Lyzr.ai, and Raptee. A99 invested in Vajro, Intents Mobi, and Sarva from Fund I.
The Helsinki-based application development software company Futurice UK, a division of Futurice Finland, is the only company that a99 has removed from its Fund I portfolio. A99’s shares were purchased by the company, resulting in 7X returns for the venture capital firm.
