New Delhi, July 15 -- Mumbai-headquartered early-stage venture capital (VC) firm Blume Ventures, which is currently raising capital for its fifth flagship fund, Blume Ventures India Fund V, has received fresh commitments from a key domestic limited partner (LP), VCCircle has learned.

The VC firm, which was co-founded by Karthik Reddy and Sanjay Nath in 2010, has received capital from Small Industries Development Bank of India (SIDBI), the apex body to promote micro, small and medium enterprises in the country.

Blume Ventures, which is raising $250 million to $275 million (around Rs 2,403-2,644 crore) for the investment vehicle, has received commitments worth Rs 150 crore (around $16 million) from SIDBI under its Startup Fund of Funds programme.

Last June, Blume's Fund V attracted a commitment of Rs 25 million from International Finance Corporation (IFC), the private-sector investment arm of the World Bank Group. IFC has now proposed committing an additional $25 million as a co-investment envelope to invest in the fund's portfolio companies.

The firm in October last year made the first close of Fund V at $175 million. Its investments from the fifth vehicle include Mave Health, Confido, Lucira, Ozi, PowerUp Money and iDO. It had been looking to make the final close by early 2026; it has not shared the new timeline set for this.

Blume began its journey with a Rs 100-crore maiden fund, which closed in 2014, and subsequently raised about $60 million for its second fund and $102 million for its third. It marked the final close of its fourth flagship fund at $290 million in 2022, exceeding its original target after attracting commitments from Indian and global family offices, sovereign wealth funds and emerging market fund-of-funds.

Besides its flagship funds, the firm manages a series of Opportunity Funds that allow it to double down on its top-performing portfolio companies. These vehicles have backed firms which it says are category leaders such as Exotel, GreyOrange Robotics, Smallcase, Slice, Unacademy and WebEngage.

The venture capital firm manages more than $800 million in assets across its flagship funds, Opportunity Funds and continuation vehicles.

Published by HT Digital Content Services with permission from VC Circle.