Sauce.VC has launched its third fund with a target corpus of about $30 million. Separately, EV startup Turno has raised about $5.5 million in a fresh funding round.
Sauce.VC floats $30m third fund
Consumer-focused early-stage venture capital firm Sauce.VC has launched its third fund with a target corpus of about $30 million (Rs 250 crore), according to media reports.
Sauce.VC, which has backed startups including XYXX, The Whole Truth Foods, and Mokobara, is looking to invest in 15-16 early-stage companies through the third fund, according to a VCCircle report. The fund had received clearance from the Securities and Exchange Board of India (Sebi) a few weeks ago.
Sauce.VC launched its first fund in 2019 with a target corpus of Rs 60 crore. It launched its second vehicle in 2021 with a fund size of Rs 158 crore. Its latest Sauce Continuity Fund was closed with a corpus of Rs 263 crore.
To date, the firm has invested in 21 companies from its two separate funds that were launched in 2019 and 2021, respectively.
Turno raises $5.5m funding
Commercial electric vehicle (EV) distribution and financing startup Turno has raised about $5.5 million (Rs 46 crore) in fresh funding led by British International Investment (BII).
Existing investors along with Quona, Accion, Stellaris Ventures, and B Capital also participated in the financing, Entrackr reported.
The board at the Bengaluru-based startup is issuing 18,057 compulsory convertible preference shares at Rs 25,509 each to raise the aforesaid amount, the report said quoting the company’s filings with the Registrar of Companies (RoC).
The company will use these funds for expansion and to meet working capital requirements.
Founded in 2022 by Hemanth Aluru and Sudhindra Reddy, Turno is a commercial EV marketplace that sells used three-wheeler EVs from brands such as Mahindra & Mahindra, Piaggio, Euler Motors, and Altigreen among others.