India, Oct. 29 -- VC firm Blume Ventures has announced the first close of its Fund V at $175 Mn (about INR 1,545 Cr). The firm's cofounder and managing partner Karthik Reddy said that the capital was raised largely from institutional investors.

While 60% of the capital was raised from existing backers, the remaining came from new investors.

Reddy said that the firm is looking to back 30-35 startups, primarily from consumer, fintech, healthtech, and deeptech sectors, via the fifth fund. The ticket size would be in the range of $1.5 Mn to $5 Mn starting cheques, "with deep reserves".

The VC firm expects to close the fund at $275 Mn by early 2026.

So far, Blume Ventures has backed babycare quick commerce platform OZi, consumer electronic...