India, Sept. 16 -- India Accelerator's dedicated multi-stage venture capital (VC) investment arm Finvolve has announced the first close of its Rs.250 Cr growth stage fund at Rs.90 Cr. Now, it expects to achieve the final close of this fund within six months, following which it will continue deploying capital.

The firm intends to back growth- and late-stage Indian startups operating across four key sectors - defence and aerospace, frontier and strategic technology, energy, and consumer. It intends to build a portfolio of 30-35 startups over the next three to four years.

Finvolve cofounder Apoorva Vora said that the first close allows the VC firm to build a diversified portfolio across growth and late-stage opportunities, while maintainin...