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The early-stage VC fund plans to make 35-45 investments over the course of the fund’s investment cycle

Blume Ventures, a leading early-stage technology VC fund in India, has announced the first close of its second fund (Fund II) at over US$30 million.

Mumbai-based Blume, which targets a corpus of US$60 million, expects to make the second and final close in Q1 of 2016.

ICONIQ Capital, a global multi-family office and merchant bank for a group of influential families. led the round. Other larger and early supporters include IIFL Wealth, a leading wealth management firm headquartered Mumbai, and the Government’s India Aspiration Fund.

Blume was set up in 2010 by Karthik Reddy and Sanjay Nath. Since inception, it has backed over 75 startups, including Grey Orange Robotics, Zopper, Purplle, Nowfloats, Taxiforsure, Zipdial, and Promptec.

In a statement, Blume said it will make 35-45 investments over the course of the fund’s investment cycle.

Early this month, leading growth-stage venture capital firm Nexus Venture Partners announced closing of US$450 million towards its fourth fund.

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