Blue Ashva Capital, an investment firm focused on SMEs and startups, said it has raised Rs 454 crore (approximately $60 million) for the initial close of its maiden fund.

The capital was raised from family offices and high net worth individuals, the firm said in a statement. ‘The fund proposes to raise a sum of Rs 400 crore with a greenshoe option of Rs 200 crore. It has exercised a part of the greenshoe option at the initial close,’ the statement said. The fund will invest in businesses across sectors including financial services, technology, healthcare, consumer, manufacturing etc. through equity, debt or any combination thereof. The fund will also back professional-turn-entrepreneurs and partner with global companies to invest in India. ‘SMEs and startups play a key role in fostering entrepreneurship and generating large scale livelihood opportunities. However, with so much gloom and doom around, most such businesses are currently going through challenging times. There is a need now, more than ever, to support passionate founders with optimistic capital that is willing to bet on the long term,’ said Satya Bansal, founder, Blue Ashva Capital.

Read EquityPandit’s Nifty Outlook for the Week  

Prior to founding Blue Ashva Capital, Bansal was the chief executive of Barclays Private Bank in India for more than a decade.