Early-stage consumer venture capital firm RPSG Capital Ventures on Thursday announced that it has closed its second fund at about $66 million (Rs 550 crore). The oversubscribed fund exercised the greenshoe option to accommodate the higher investor interest which stood at over 150% of the target fund size.
Investors in Fund II are largely domestic and include leading family offices, high-net-worth individuals, and industry veterans from the consumer sector. Along with other repeat investors from its previous funds, RPSG group has also doubled its initial investment as the anchor investor, the firm said in a statement.
RPSG Capital Ventures launched its first fund with a corpus of Rs 100 crore and has invested in 16 companies to date. With Fund II, the firm has already led investments in companies like petcare platform Supertails, oral care brand Perfora, and drinkware and foodware brands Rabitat and Headway.
The fund typically invests in Series A rounds with first cheques of Rs 10-40 crore in the digitally native consumer ecosystem across F&B, beauty, health & wellness, entertainment, lifestyle goods, and consumer enabler categories.
“We’ve built a team that has a deep understanding of the Indian consumer ecosystem, with strength in business build-up, GTM, and brand building. With this new fund, we’ll continue to invest in new-age consumer businesses that have solid unit economics, differentiated positioning, and strong teams,” said Abhishek Goenka, Managing Partner, RPSG Capital Ventures.
Founded in 2018, RPSG Ventures is a corporate venture capital fund backed by the RP-Sanjiv Goenka Group. The firm’s other investments include The Souled Store, mCaffeine, Vedix, SkinKraft, Plix, and True Elements, among others.
In other notable developments in the venture capital space, consumer-focused early-stage venture capital firm Sauce.VC recently launched its third fund with a target corpus of about $30 million (Rs 250 crore). The firm is looking to invest in 15-16 early-stage companies through the third fund.
Besides, micro venture capital firm IVY Growth Associates, which has backed the likes of BluSmart and the National Stock Exchange (NSE), launched an alternative investment fund with a target corpus of Rs 250 crore ($30 million) last week.
Earlier this month, Eternal Capital, founded and managed by seasoned operator and former BharatPe COO Dhruv Dhanraj Bahl, launched its maiden venture capital fund with a target corpus of Rs 120 crore. Last month, Oister Global announced the launch of a ₹440-crore fund targeting India’s consumer-driven and emerging technology sectors.
