India, Nov. 24 -- Mumbai-based early-stage venture capital (VC) Blume Ventures has raised $105 Mn, making the first close for its fourth India-dedicated fund. The startup plans to make a final close by FY22, with a target of $200 Mn. Currently, the fund size is $175 Mn with a greenshoe option of another $50 Mn.

The startup, which invests in seed to pre-series A stage of Indian startups, plans to continue investing in consumer internet, SMB marketplaces, SaaS and enterprise tech startups with the potential to go global.

Founded in 2010 by Karthik Reddy, Ashish Fafadia and Sanjay Nath, Blume Ventures closed its debut fund in 2011 at $20 Mn. Five years later, in 2016, it closed its second fund with a corpus of $60 Mn. The fourth fund, visi...