Sauce VC Closes Its Fund III At Rs 365 Cr
From its fund III, Sauce VC has already made investment commitments to four transactions for sector such as apparel, baby care, personal care and veterinary care
Consumer-focused venture investor Sauce VC has made the final close of its third fund at Rs 365 crore, against a target of Rs 250 crore, said its founder Manu Chandra. “This fund was oversubscribed 3 times in four weeks and it was overwhelming and tempting” he added.
The Delhi-based fund has raised capital from Infosys co-founder Kris Gopalakrishnan’s family office Pratithi Investments, Singularity Ventures, and Saison Capital. Almost 95 per cent of the capital has been raised from domestic investors, with nearly 80 per cent being from existing sponsors of Sauce VC’s previous funds, according to media reports.
Chandra apologised to those LPs who could not be accommodated in this fund. “We hope to start working with you in the future,” he added. Interestingly Sauce VC’s new fund comes at a time when the direct-to-consumer segment is seeing growing interest from risk capital investors, including tech-focused firms.
Earlier Sauce VC’s first fund, which closed in 2019, raised Rs 60 crore, with the second vehicle in 2021 getting Rs 158 crore as per media reports. From its fund III, Sauce VC has already made investment commitments to four transactions in segments such as apparel, baby care, personal care, and veterinary care. While the fund of this raising will also look to make other 12-15 investments. It will identify five to six companies to double down on through follow-on investments.
