Early-stage investment firm Good Capital said it has launched its debut fund of $25 million (Rs 178.7 crore) and has already raised half of the target corpus to mark its first close.
The Limited Partners (LPs) in the debut fund include Symphony International Holdings Ltd, led by Anil Thadani, Good Capital said in a statement.
"We are thrilled to bring on some of the best-in-class institutional investment firms and Silicon Valley entrepreneurs to be a part of the early-stage opportunity in India," said Rohan Malhotra and Arjun Malhotra, co-founders and managing partners at Good Capital.
The Malhotra brothers had previously founded early-stage fund Investopad in 2013. Investopad has backed Meesho, HyperTrack and Autonomic.
The new fund will seek to make investments across pre-Series A and Series A stages with a ticket size of $100,000 to $2 million.
The fund, which is sector-agnostic, has already invested in video-based e-commerce platform SimSim and cross-reality platform Spatial Inc.
Good Capital's investment committee includes Sanjay Kapoor, senior adviser at the Boston Consulting Group and a former CEO at Bharti Airtel Ltd; Rahul Khanna, co-founder of venture debt firm Trifecta Capital; and Kashyap Deorah, a serial entrepreneur.
The launch of the fund is good news for startups in India as deal volume has fallen from the highs of the boom year of 2015 even as a bunch of domestic early-stage VC firms have emerged. Still, investors argue that 2015 was a one-off year and they have become more selective in their investments now.
Domestic early-stage venture capital firms which are on the road to close their new funds include Blume Ventures, Endiya Partners and India Quotient.
Earlier this year, Sequoia Capital India floated a separate seed fund as the marquee investor sought to sharpen its focus at different stages of investment.
