New Delhi, Feb. 10 -- Mumbai-based early-stage venture capital firm Triton Investment Advisors said Monday it has marked the first close of its second fund after raising half the targeted corpus.
The VC firm, which backed companies such as Jumboking and Bizom from its first fund, aims to raise Rs 240 crore ($28 million) in its second outing and marked the first close at Rs 120 crore.
The new fund comes a decade after the firm launched its first fund in 2015 and is about 5.5 times larger than the Rs 43.8 crore Triton raised in its maiden outing. It will primarily invest in the business-to-business (B2B) tech and tech-enabled services areas.
The firm said that it secured capital commitments from family offices and high-net-worth individuals and that it aims to make the final close within one year.
Triton is led by managing partner Pradyumna Dalmia, who is also co-founder and chairman of Calcutta Angels Network. He set up Triton in 2015 along with Dev Raman and Rahul Kayan. Raman is the managing partner of Lastaki Advisors Pvt Ltd, a boutique advisory firm, while Kayan is senior executive at Stewart & Mackertich.
Triton's first fund invested about Rs 6-8 crore in each of its six portfolio companies. These included Recykal, ZingHR, CamCom and Ethinos, apart from Jumboking and Bizom. The firm claims to have no delinquency across its portfolio.
The firm intends to invest in 10-15 companies from the new fund. It plans to bet about Rs 15 crore on average in each company with a possibility of follow-on investments. It will take part in pre-Series A and Series A rounds, primarily in sectors such as enterprise software-as-a-service, Agentic AI, deeptech, and tech-enabled services.
"With the funding euphoria behind us, we are now seeing high-quality founders adopting a more prudent approach to capital. We believe this will lead to a new wave of companies with strong economic foundations," said Raman, partner at Triton.
Published by HT Digital Content Services with permission from VC Circle.