The former managing partners of Orios Venture Partners have launched the early-stage fund, which is aiming for first close next year
Jain and Suri have previously invested in companies such as BatterySmart, Zupee, Karbon, Ixigo, Vedantu, Mobikwik, and CarDekho
Besides investing in early stage companies, the fund is eyeing some investments in startups looking to IPO in a four-five year horizon
Anup Jain and Rajeev Suri, both former managing partners of Orios Venture Partners, have launched BlueGreen Ventures, a $75 Mn fund dedicated to early-stage startups in India, as well as IPO-bound companies.
The firm, which includes a green shoe option, is aiming for its first close by the end of February next year. With the fund, which is also registered with Securities and Exchange Board of India (SEBI), the firm is looking at a two-pronged investment strategy
The first part will focus on early-stage investments in sectors such as climate and sustainability, fintech, and B2C, addressing specific challenges in India.
Investments in these areas will range from INR 7 Cr to INR 12 Cr, with BlueGreen Ventures taking lead in each round.
The second strategy targets more mature companies with an eye on the public market.
BlueGreen Ventures will make secondary investments in businesses expected to go public within four to five years, with investments ranging from INR 20 Cr to INR 30 Cr.
Notably, the firm’s team will be led by Jain and Suri, supported by analysts, an ESG associate for LP reporting, and finance and fund accounting staff.
Associates will be involved in sourcing deals, closing transactions, and supporting investment decisions, including follow-ons and exits. Post-investment management will focus on supporting the success of portfolio companies.
In the past, Jain and Suri have invested in companies such as BatterySmart, Zupee, Karbon, Ixigo, Vedantu, Mobikwik, and CarDekho.
BlueGreen’s Investment Thesis
BlueGreen Ventures will focus on three key areas: climate and sustainability, financial inclusion through fintech, and consumer-driven startups addressing the changing demands of a post-pandemic world.
The firm sees strong potential in startups that go beyond traditional B2C models to provide tailored solutions.
Changes in consumer behaviour after the pandemic, according to Jain, have led to increased demand for health and nutrition products, including supplements and protein-based goods.
These shifts are also evident in the travel sector. “The travel sector, for example, is no longer confined to branded hotels or traditional hop-on, hop-off bus tours,” Jain told Inc42.
Similarly, the agricultural sector offers potential for solutions that require minimal investment but can lead to significant gains, particularly if they offer farmers new income streams.
“It could be education, travel, health and nutrition, pets, elder care – really, it could be anything, as long as it reflects post-Covid consumption mindsets,” Jain added.
