March 6, 2024
Tenacity raises $100 million

Tenacity Ventures, a technology-focused fund, has raised more than $100 million in commitments from investors to make India-focused bets, said founder Gourav Bhattacharya.

The fund is backed by Dream11 founder Harsh Jain, who is also one of the anchor investors. Other startup founders and CXOs within the startup ecosystem are also investing in the fund, Bhattacharya said, without elaborating. Tenacity has already made three investments from the fund, in healthtech unicorn Pristyn Care, travel experience marketplace Headout Inc. and vertical software as a service(SaaS) firm Itilite. It expects to eventually build a portfolio of 10-15 investments.

"The majority of the fund will be in true software businesses such as SaaS, marketplaces, platforms," Bhattacharya said in an interview.

Bhattacharya worked at early-stage venture capital firm Matrix Partners from 2012 to 2019, where he was involved in deals in companies such as DealShare and Stanza Living. Thereafter, he joined Abu Dhabi's sovereign wealth fund ADQ to do late-stage growth investments in companies such as retail giant Flipkart, Turkish quick commerce firm Getir and Turkish e-commerce firm Trendyol.

At Tenacity, Bhattacharya will return to making early-stage tech investments, wherein the first cheque will be up to $10 million.

Tenacity expects to invest a total of $15 million-$20 million in its best performing companies.

"There is a gap in the middle in the tech ecosystem in India that is currently being filled by early-stage funds writing larger cheques and through late-stage funds writing smaller cheques," Bhattacharya said. Further, early growth funds had great internal rate of returns, he said.

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