Mumbai-based venture capital firm Colossa Ventures intends to raise the entire Rs 500 crore for its maiden fund in the next 18-24 months, for which it is in discussions with a host of Indian and global institutions. Separately, the firm also marked the first close of the woman-centric fund, Colossa WomanFirst Fund, at Rs 100 crore, a top executive said.
Colossa Ventures, which had got Sebi approvals in March 2023, was founded by Ashu Suyash, former Crisil MD & CEO, and Vandana Rajadhyaksha, former director-ICICI Venture and Aditya Birla Private Equity.
“We are looking at raising the entire amount in three-four tranches and we expect to complete the total fundraise in the next 18-24 months. More importantly, we will able to create and scale up businesses that will deliver strong returns to our investors and also create a strong on-ground impact,” Colossa Ventures founder and CEO Ashu Suyash said in an interview with FE.
On the first close of Rs 100 crore, she said funds were raised from a host of investors, high net worth individuals and family offices such as SIDBI, Ranjan Pai’s Family Office, Shriram Ownership Trust, Bain Capital India chairperson Amit Chandra and business women Zia Mody.
Colossa WomanFirst Fund will invest in companies which have been founded or co-founded by women in healthcare and health tech, climate and clean tech, consumer, fintech and deeptech.
“We are looking at providing venture growth capital and the sweet spot for venture growth capital is pre-Series A and Series A, and not at a very early seed stage. That’s where a lot of angel investors come, but we will allocate a very small capital as seed capital,” she said. About 50-60% would be allocated in Pre-Series A and Series A, and 30-40% in follow-ons. The cheque size can be anywhere between Rs 5 crore and Rs 20 crore.
The firm will invest in Pune-based Serigen and Mumbai-based Vioma Motors.
Going forward, the company will look at other Indian and global institutions and HNIs for subsequent closes.