In September 2014, the firm had raised Rs 244.5 crore in its maiden fund for early-to-growth stage startups.
Mumbai-headquartered venture capital firm Ivy-Cap Ventures, which largely focuses on funding startups, looks to raise up to Rs 1,200 crore, its second round of funding, from IIT and IIM alumni as well as foreign and domestic financial institutions.
In September 2014, the firm had raised Rs 244.5 crore in its maiden fund for early-to-growth stage startups founded by graduates of select top colleges like IITs and IIMs. The venture fund has managed to get a soft commitment of Rs 300 crore.
"The interest from alumni and financial institutions is very high for our second fund," says Vikram Gupta, IvyCap founder and managing partner.
The second fund will also focus on seed funding apart from early stage investments. "Had it not been for the alumni closely associated with the fund, we would not have been able to garner this kind of interest from FIs," says Gupta, who expects at least 20% of the second fund to be sourced from the alumni.
IvyCap intends to raise half of the second fund domestically and the rest from overseas investors. Gupta said that IvyCap was in discussions with India's leading FIs from Hong Kong, Singapore, the Middle East, UK and the US for the fund. He did not disclose details, though.
IvyCap has 5,000 alumni signed up as mentors and is expecting this number to double to 10,000 this year. From its pool of mentors, IvyCap has handpicked 35 to engage on a more proactive basis with the startups.