The Fundamentum Partnership, founded by Infosys cofounder Nandan Nilekani and Sanjeev Aggarwal in 2017, which claims to the only pure-play series B investment platform in the country, has announced the launch of its third fund following the first fund in 2017 and the second in 2022.
With this, Nilekani also makes his largest bet in a VC firm by being the anchor investor. The third fund has a target corpus of Rs 2,200 crore, including a Rs 400-crore greenshoe option. As anchor, Nilekani has made his largest investment in any VC firm, a statement from the company said without disclosing how much the IT tsar has agreed to pump in.
The third fund marks the continuation of Fundamentum’s thesis-led series B investment strategy, doubling-down on its focus on early-growth stage investment in tech-led companies, addressing a critical funding gap in India's scale-up ecosystem.
The company also announced that Sanjeev Aggarwal, Prateek Jain, Mayank Kachhwaha and Sanjay Chaturvedi will lead the third fund as general partners.Key sectors of focus include Consumer technology, Fintech and AI-native and AI-enabled businesses.
Fundamentum’s portfolio includes companies such as Kuku, Spinny, Pharmeasy, Apnamart, Appsforbharat, Flexiloans, Stable Money, Transbnk, Olyv and Procmart.
Over the past 10 years, Fundamentum has made good returns with Kuku becoming the largest mobile-first AI-driven storytelling platform amassing 400 million downloads and 10 million paid subscribers; Spinny has emerged as one of the leading used-car platforms, generating over Rs 4,600 crore in revenue in FY25 while Appsforbharat has crossed 40 million downloads becoming the largest faith-tech platform and Stable Money has become largest fixed income platform crossing Rs 6,000 crore in AUM.
Fundamentum has so far made 17 investments in technology-led companies across consumer Internet, Bharat apps, fintechs, B2B commerce, enterprise technology and emerging sectors.