Posted by News Delhi: Beams Fintech Fund (Beams), a growth-stage fintech fund has made its first close at Rs 270 crore.
Fintech industry veteran Sagar Agarvwal, Dr Apoorva Ranjan Sharma, Anuj Golecha, Anil Jain, Gaurav Jain and Venture catalysts launched the Beams Fintech Fund this year in January.
The fund members announced on Tuesday that they have completed the first close of their fund within three months of its official launch. The company has already received commitments of up to Rs 270 crore or $36 million for the fund and is in the advanced stages of completing the documentation.
Beams will back growth stage companies operating at the intersection of financial services and technology (fintech) sector. The fund aims to reach the target corpus of Rs 750 crore or $100 million within the next nine months.
The fund’s maidan close saw participation from marquee domestic and offshore investors including banks, NBFCs, fintechs, large family offices, CXOs of financial service and fintech founders.
Existing investors of Venture Catalysts and 9 Unicorns (the first fund from Venture Catalysts) also backed Beams in its first close. The fund is now in advanced discussions with several local and global Institutional investors and family offices for its subsequent closes and achieves its initial target corpus of Rs 750 crore or $100 million.
The Series B & C oriented fund will primarily invest in 10-12 companies from the Fund and will maintain its fintech-focused theme. Beams follows a Top-Down & Bottoms Up approach towards investing. The team has narrowed down 6 major themes within the fintech space including Embedded finance, Products & Technologies, Enterprise SAAS, Neo banks and Platforms catering to MSMEs.
“It’s remarkable for us to achieve a first close for Beams in just a few months after the official launch. Thanks to our investors. This success in fundraising has come on the back of the track record & the team that we have built for Beams,” said Anuj Golecha, Co-Founder and Partner, Beams Fintech Fund.
Sagar Agarvwal, Co-Founder & Partner, Beams Fintech Fund, said, “We are very grateful to our investors for believing in our strategy and our ability to create and build India’s first growth stage focused fintech investing fund.
“With a strong institutional investor interest in Beams, we hope to create more than $25-30 billion in value for the fintech ecosystem over the next couple of years,” added Agarvwal.
“Through this fund and the platform, we aim to provide investors with a value creation opportunity in the Fintech domain and access to one of the most powerful Fintech networks in India,” said Naveen Surya, Fintech Expert Partner, Beams Fintech Fund.