InnoVen Capital raised Rs 740 crore in the first close of its new fund. The purpose corpus of the fund is Rs 1K crore, with an option to raise an extra Rs 1,000 crore, the company said in a statement. The investor for the fund is Innoven Capital Pte Ltd, a joint venture of Temasek and United Overseas Bank. “While the capital is stage and area agnostic, the main focus will be on sectors like consumer internet, B2B business, enterprise software, fintech, health tech and logistics,” the company said.

• L&T Shares Trade With Nominal Losses Despite Securing Orders 
• Daily vs Weekly SIP: Which Can Supercharge Your Portfolio to the Million-Mark?
• Rail Vikas Nigam Shares Take a Hit Despite Rs 165 Crore Order 
• Lupin Shares Gain 1% as Unit Receives EIR Status from USFDA
• Glenmark Unit Signs Exclusive NSCLC Drug Pact with Hansoh Pharma; Shares Drop 1%

InnoVen has completed more than 250 transactions with over 180 startups. Since 2017, it has spent nearly $400 million. The firm’s portfolio companies have raised over $20 billion of capital and are now valued at above $70 billion. Its portfolio companies are Byju’s, Swiggy, Oyo Hotels & Homes, DailyHunt, PharmEasy, Infra. Market, FirstCry, BharatPe, boAT, etc. “India is now home to over 50 startup unicorns and the third-largest venture ecosystem worldwide. In the past years, we have partnered with the best founders and startups, 17 of them that reached unicorn status,” said Ashish Sharma, managing partner at InnoVen Capital.