Early-stage investor Fulcrum Venture India has beaten its target for its latest healthcare and pharmaceutical fund by closing the vehicle on INR1bn ($15.6m).
The firm was initially targeting INR850m for Fulcrum Venture India Fund II following an INR600m first close in 2013.
Fulcrum has already tapped the vehicle for investments in retail trichology company Richfeel and gynaecology-focused pharma business Shield Healthcare.
Unlike its first fund, where the focus was seed stage investments of up to INR50m, Fulcrum Venture India Fund II typically seeks to make investments between INR50m and INR150m in early growth stage companies.
Fulcrum founding partner Krishna Ramanathan said, “We view this space as a sunrise area for PE investments and with our operational expertise, can bring in a lot of value to the companies we work with.”
He added, “The investments thus far have been growing very well and we’re happy to see approaches from other PE firms, where up rounds are coming in at attractive valuations.
“This is a good sign that our strategy is well placed.
“While it’s too early to see any exits, we are likely to see some of them in the market for the next round fairly soon. This could be as early as Q4 this year.”
Fulcrum was launched in 2000 as the family office for the founding family of American Remedies, predominantly making seed stage investments into pharmaceutical and healthcare companies.
The firm decided to move into the early growth space in 2012 with the debut of Fulcrum Fund II.
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