India, July 2 -- VC firm Sparrow Capital has closed its third fund with a corpus of Rs.475 Cr (about Rs.50 Mn), surpassing its initial target of Rs.400 Cr.

The fund is sector agnostic and Sparrow Capital plans to back 25-30 startups over the next three years with ticket size in the range of $1 Mn to $2 Mn. The firm, in a statement, said it has already made five commitments from the fund.

Sparrow Capital said 60% of Fund III's capital came from global endowments, foundations, funds of funds and family offices. The remaining capital was raised from startup founders and operators, Indian family offices and high-net-worth individuals. This is a departure from its earlier LP base of predominantly non-institutional investors.

Sparrow Capital...