India, March 5 -- Early-stage venture capital firm Blume Ventures, in partnership with Avendus, has announced the close of its INR 350 Cr ($48 Mn) Fund 1X, to allow limited partners and investors from allied entities in its Fund I to hold their positions in top performers from the portfolio. The company was looking to close the fund at INR 300 Cr, but exceeded its target and would allow the LPs to hold their stakes for an additional 4-5 years within the top-performing startups.

Blume Ventures has bundled six companies from its Fund I portfolio into Fund 1X and the VC firm's positions in these startups are being acquired by the new fund. These include robotics company GreyOrange, beauty products marketplace Purplle, online insurance start...