India, Aug. 19 -- Fintech-focused venture capital firm Cedar-IBSi Capital claims to have closed 60% of its maiden INR 175 Cr ($20 Mn) fund, mopping up INR 100 Cr (around $11 Mn) so far.

The VC firm further said that other investors have pledged INR 10-15 Cr towards the investment vehicle. The fund aims to invest in 15-20 startups catering to the B2B fintech ecosystem.

Cedar-IBSi Capital said in a statement that it would participate in Pre-Series A and Series A rounds as part of its debut institutional round. Initial ticket sizes will range from $500K to $1 Mn, and reserves have been set aside for follow-on investments. The fund, set to be deployed across five years, has already written cheques for Cogniquest and WonderLend Hubs.

The fu...