Indian VC firm Pavestone closes $94M tech fund, targeting AI and cloud startups.

Hyderabad-based venture capital firm Pavestone has closed its Pavestone Technology Fund at Rs 816 crore, exceeding its target of Rs 600 crore. Investors include the Self-Reliant India Fund, Mankind Pharma's family office, and Colruyt Group India. The fund focuses on early growth-stage B2B technology startups, with investments in five companies so far. Pavestone targets sectors like AI, cloud computing, and bioengineering, aiming to support 14-15 startups with average investments of $5-10 million each. Indian startups raised nearly $10 billion in October, potentially surpassing 2021's total.

November 14, 2024
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