The third fund of consumer-focused early-stage venture capital firm Sauce VC has reached its final close at Rs 365 crore, or roughly $43.6 million.
“The fund was oversubscribed by 3x in four weeks and it was overwhelming and tempting to raise more but the right sizing was important. My apologies to all LPs who we couldn’t accommodate in this fund,” said Manu Chandra, founder and managing partner of Sauce.vc in a LinkedIn post.
Capital for the venture capital fund has come from Pratithi Investments, the family office of Kris Gopalakrishnan, co-founder of Infosys, Sharrp Ventures, Singularity Ventures, and Saison Capital, the promoter of Marico. 95% of its funding came from domestic investors, almost 80% of whom were also the current sponsors of Sauce VC’s prior funds.
The company is based in New Delhi and makes pre-revenue or idea stage investments in modern consumer brands and platforms. Its two distinct funds, which were introduced in 2019 and 2021, have resulted in investments in 21 companies thus far.
With a target corpus of Rs 60 crore, Sauce.vc launched its first fund in 2019. With a fund size of Rs 158 crore, it introduced its second vehicle in 2021. With a corpus of Rs 263 crore, its most recent Sauce Continuity Fund closed.
It has already made investments from the continuity fund in XYXX, The Whole Truth Foods, Mokobara, Innovist, and Supertails. It also intends to add the brands Perfora for oral care, Hocco for ice cream, and Rockit for energy drinks to the list of top-ups.
