Dec 4 (Reuters) – India’s Nexus Venture Partners announced on Wednesday that it closed a $700 million fund that will back AI, enterprise software, consumer and fintech startups. The venture capital firm has previously made investments in the likes of logistics provider Delhivery and mortgage lender India Shelter Finance, as well as consumer startups like […]
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Indian VC firm Nexus closes $700 million fund to back AI and consumer startups
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Dec 4 (Reuters) – India’s Nexus Venture Partners announced on Wednesday that it closed a $700 million fund that will back AI, enterprise software, consumer and fintech startups.
The venture capital firm has previously made investments in the likes of logistics provider Delhivery and mortgage lender India Shelter Finance, as well as consumer startups like Zepto and ride-hailing app Rapido.
Through the fund, Nexus is betting on a growing consumption boom in the world’s fourth-largest economy, where e-commerce sales as well as quick commerce – which promises deliveries like iPhones and groceries in 10 minutes – are growing.
It also plans to focus on artificial intelligence, a sector that has drawn billions of dollars from tech giants and venture funds.
Founded in 2006, Nexus was one of the first Indian venture capital firms to invest in U.S. and India-based software startups.
(Reporting by Nandan Mandayam and Haripriya Suresh in Bengaluru; Editing by Vijay Kishore)