Pavestone VC, a prominent venture capital firm, has announced the final close of its Pavestone Technology Fund at Rs 816 crore (approximately $97 million), surpassing its initial target of Rs 600 crore. The firm utilized the greenshoe option twice to expand the fund’s size, accommodating strong investor demand.
Notable investors in the fund include The Self-Reliant India (SRI) Fund, the family office of the promoters of Mankind Pharma, and Colruyt Group India, which had previously invested Rs 15 crore (around $1.8 million) in June.
The Pavestone Technology Fund is set to focus on growth-stage B2B technology companies, with plans to invest in 14 to 15 such ventures. The firm aims to provide funding in the range of $5 to $10 million per company.
Founded in 2021 by Sridhar Rampalli, Srikanth Tanikella, and Laxmikanth V, Pavestone VC has established itself as a key player in the venture capital space. The firm specializes in deeptech and enterprise tech investments and has made notable investments in companies like E42, NewSpace Research & Technologies, LivNSense, and Bellatrix Aerospace.