Indian venture capital firm Blume Ventures plans to launch its second fund later this year.
The fund is expected to raise $50m in May or June and will allot a significant part of the capital to its existing portfolio companies, according to the Economic Times.
Blume is currently investing from its INR1bn ($16.3m) first fund, which was closed in 2012.
“We’re looking at an overseas institution-led fund, and the strategy will be to reserve more money for follow-on investments…30 per cent for seedstage investments, while 70 per cent for follow-on rounds,” Blume managing partner Karthik Reddy told the newspaper.
The mumbai-based firm is focused on making Series A investments in media, internet and mobile companies.
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