India, Jan. 31 -- Growth stage investment firm Spring Marketing Capital has launched its second fund with a target corpus of INR 500 Cr (about $54Mn), sources told Inc42.

The new fund is receiving strong support from the firm's existing limited partners (LPs) and it expects to mark the first close of the fund by March this year at INR 150 Cr, the sources added.

Spring Marketing Capital declined to comment on Inc42's queries on the launch of the second fund.

The firm, cofounded by former Sequoia Capital chief marketing officer Ganapathy, along with advertising veterans Arun Iyer, former chairman of Lowe Lintas, and Vineet Gupta, former group chief executive of DDB Mudra, has fully deployed its first fund, which was launched in 2019 with...