Blume Ventures raises $175 mn in first close of Fund V; targets $275 mn final close by 2026
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The firm expects substantial exits and distributions in 2025, with a strong IPO pipeline starting with Turtlemint.
Blume Ventures raises $175 mn in first close of Fund V; targets $275 mn final close by 2026
Blume Ventures has successfully raised $175 million in the first close of its Fund V, aiming for a final close of $275 million by 2026. The fund will focus on early-stage Indian and cross-border ventures, with initial investments in health-tech, B2B AI, consumer, fintech, and deep-tech sectors. The firm anticipates significant growth and exits in the coming years.
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Blume Ventures has announced the first close of its Fund V at $175 million, with plans to reach $275 million by 2026. The fund will continue investing in early-stage ventures, focusing on sectors like health-tech and fintech.
The firm expects substantial exits and distributions in 2025, with a strong IPO pipeline starting with Turtlemint.
Coinciding with its 15th anniversary, Venture capital firm Blume Ventures on Wednesday said it has raised about $175 million in the initial close of its new flagship fund, Blume Venture Fund V. Fund V is on track for a final close of USD 250 – 275 million by early 2026, Blume said in a statement.
For the latest fund, Blume Venture secured support from its existing investors, and a few new institutional investors, multilateral institutions, corporates, and family offices.
"Fund V will continue our proven strategy of investing in early-stage Indian and cross-border ventures and has already begun deploying capital with initial investments across Health-tech (Mave Health), B2B AI (Confido Health), Consumer (Lucira and Ozi), Fin-tech (PowerUp Money), and Deep-tech (iDO)," the company statement said.
The year 2025 has emerged as a pivotal year for Blume, with substantial momentum in exits and distributions to limited partners across Fund I and II vintages. "Fund III and IV portfolios have demonstrated strong growth, with the firm anticipating an aggregate Distributed to Paid-In Capital (DPI) of over USD 80 million across all funds in 2025," the company said.
Additionally, the firm’s IPO pipeline is set to launch, beginning with Turtlemint, which has filed the DRHP with regulators.
Founded in 2010 by Karthik Reddy and Sanjay Nath, Blume Ventures, an early-stage VC firm, has backed over 300 companies across consumer internet, fintech, health/healthtech, enterprise SaaS, deep-tech and product design. Some notable investments include Unacademy, HealthifyMe, SlicePay, and Spinny, among others.
According to reports, in its Fund I, the company raised $22 million in 2011, while it raised $60 million (2015) in Fund II, $102 million in Fund III, and $290 million in Fund IV.
India’s B2C e-comm sector secured $1.3B in funding in 2025 YTD, with this year’s top rounds including Spinny’s $171M Series F ($131M + $40M), followed by GIVA, which raised $68M across its Series C ($62M) and Series B ($6M), and TMRW, which secured $50M in Series C, according to Tracxn data.
The data shows that around 1,100 venture capital firms have invested in India’s B2C e-commerce ecosystem to date. Accel is the most active investor with 132 rounds, followed by Blume Ventures (129), Fireside Ventures (102), and Peak XV Partners (97).
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