India, June 30 -- Venture capital (VC) firm 3one4 Capital has banded together with British International Investment (BII) to float a new $15 Mn (around Rs.141 Cr) fund to back "under-represented" sectors and founders in the Indian startup ecosystem.

Called the IIDEA Fund, the newly launched fund will primarily focus on sectors such as energy transition, agriculture, health, deeptech and manufacturing. The corpus will also focus on investing in women-led ventures, non-metro founders and businesses addressing developmental gaps.

It is pertinent to note that the entire corpus amount has already been raised as BII joins as the sole LP (limited partner) for the new fund.

With this, 3one4 Capital will look to back around 10-15 startups, with...