The latest fund of Chiratae Ventures, formerly known as IDG Ventures India, is also backed by the International Finance Corporation (IFC), the private investment arm of the World Bank, which committed $20 million funding last year.

“Committing to Chiratae is part of our strategy to back tech-enabled businesses that have the potential to address development challenges in sectors such as food, agriculture, healthcare, and education to reduce costs, improve market access and economic participation,” Srini Nagarajan, Managing Director and Head of Asia at CDC Group, said.

The fourth fund will focus primarily on early-stage investments and keep the flexibility to invest at seed and expansion stages, backing companies in deep-tech, consumer media and tech, software, fintech, and health tech.

In its overall lifecycle, the fund has backed over 85 startups and delivered over 35 exit transactions.

Founded by IT industry veteran Sudhir Sethi in 2006, Chiratae has been in the vanguard of venture capital investment in India. Sethi was responsible for taking his portfolio companies such as Yatra and Newgen Software public, and for early bets on Myntra, followed by Curefit, and Bounce. Chirate’s other investments include Lenskart and PolicyBazaar.

“We look forward to working closely with our new partner to invest in technology differentiated companies solving the challenges faced by India using technology as a disruptor, enabling them to scale in India and go global,” Sethi, Founder and Chairman at Chiratae Ventures, said.

In 2018, ET had reported that the venture capital firm was looking to raise a $275-300 million fund.