Mumbai, July 3 -- Tenacity Ventures, backed by founders of Dream11, is gearing up to launch a $150 million second fund even as several companies from its debut portfolio move closer to public market listings, the firm's top executives told Mint.

"While companies like Purplle, Headout, Tonbo Imaging and Exotel are already IPO ready, others, including IDfy, Toddle, Seclore, Clear, Videonetics, and Qnu Labs, will certainly have the scale to explore options for a listing over a three-year timeframe," Tenacity's managing directors Rohit Razdan and Gourav Bhattacharya told Mint in a joint interview. They did not disclose if they plan to sell stakes in the IPOs.

"There is enough flexibility in India, and I think the overall ecosystem has seen ...