The International Finance Corporation (IFC) is considering committing $15 million to the fourth fund of venture capital firm 3one4 Capital, per a disclosure.
The fund has already secured capital commitments worth $200 million from several investors including five of India’s largest listed banks by market cap, leading mutual fund operators, US university endowments, global sovereign funds, global corporations and insurance companies, India’s leading corporations, and a selection of India’s largest family offices, it announced earlier this week.
The fund is eyeing a final close towards the end of the June quarter, according to the statement. The first close of Fund IV was completed in March 2023, and over five deals have already been approved or invested in.
In addition to providing financial assistance, IFC is also working closely with the fund to help it adopt a gender lens investing approach, including mentorship and training support from IFC.
The fund will primarily focus on seed to series A stage investments in Indian technology-enabled companies across sectors such as digital health, consumer internet, fintech, enterprise and SMB automation, and software-as-a-service, IFC said in its disclosure.
Founded by Pranav Pai and his brother Siddarth, 3one4 Capital’s Fund IV will be the sixth fund raised by the firm. The firm will manage $510 million of committed capital and over $750 million in assets under management. The cumulative market cap of the companies in the portfolio is over $7.5 billion.
Other general partners at the fund manager are Anurag Ramdasan and Nruthya Madappa.
3one4’s portfolio companies include Licious, Darwinbox, Open, BetterPlace, Jupiter, KukuFM, Koo, Dozee, and Tracxn.