New Delhi, Nov. 27 -- Incubate Fund Asia, backer of firms such as M2P and Captain Fresh, is kicking off a fundraising spree with its fourth India-focused seed fund. It will launch with an initial corpus of $60 million, up from $30 million in the last fund, and the fundraising process is slated to begin next month, founder and general partner Nao Murakami told Mint.

In parallel, the firm is evaluating a second vehicle with Japan's Sumitomo Mitsui Financial Group Inc, targeting a corpus equal to or slightly higher than its previous $200 million fund. This vehicle is expected to hit the market in six to nine months.

The flurry of activity comes at a time when multiple private equity and venture capital firms have hit the market to raise ca...