On October 11, Mumbai-based Artha Group of Companies launched a new Rs 450 crore micro-VC (venture capital) fund, Artha Select Fund (ASF). The group said that the new micro-VC fund will back top startups in Artha’s portfolio in subsequent rounds.

The group said in a statement that the first term sheet under the ASF has been signed, and the fund will soon announce the completion of its first investment. However, Artha Group did not disclose a specific timetable. The group also said the fund plans to invest an average of Rs 20 crore in Artha-invested startups in the Series B round and an additional Rs 20 crore in the Series C round.

Led by second-generation investor Anirudh A Damani, Artha Group added that with the new fund, it plans to back 12-14 startups in Series B and C rounds. According to the group, ASF has raised its first tranche of Rs 100 crore through investments from existing LPs (limited partners).

Pune-based Kirloskar family office, the family office of former Reliance Capital CIS Madhusudan Kela and British International Investment managing director Abhinav Sinha are all backers of Artha’s new micro venture capital fund.

Artha has announced the final closure of AVF, another micro-VC fund investing in early-stage startups under the group, in June 2021 for over Rs 225 crore. According to Artha Group, AVF has made 27 investments with a total valuation of over Rs 3,600 crore.

• Stocks Under F&O Ban: Hindustan Copper, RBL Bank, and Others 
• Govt plans new route connecting Noida airport to NH-34
• India Ranks Third in Global Fintech Funding, Despite 33% Drop in 2024
• India’s Retail Inflation Drops to 5.22% in December, Food Inflation at 8.39%
• Donald Trump Inauguration: Xi Jinping Invited, S Jaishankar to Represent India

As an umbrella entity, Artha Group says it invests in more than 100 startups in India, the US, Israel, Africa and the UK. Startups such as OYO, Purplle, LeveragEdu and Rapido are all backed by Artha Group.