Huddle Ventures opens up green shoe option for Fund II

Gurugram-based Huddle Ventures has opened the green shoe option for its Rs 100 crore Fund II. The early-stage venture capital (VC) firm, which started raising the new fund in mid-2023, plans to announce the final close for the fund over the next two months.

“Our initial target was oversubscribed, and we have activated the green shoe option. The fund is likely to close at a corpus of Rs 150 crore,” Ishaan Khosla, General Partner at Huddle Ventures told YourStory.

The rupee fund that invests in pre-seed and seed-stage startups has seen commitments from domestic family offices and legacy and new-age operators in the ecosystem. 

Huddle Ventures has already backed six companies from Fund II, while its Rs 50 crore Fund I has invested in 25 startups, bringing up the total assets under management of the firm to $20 million.

The VC firm typically writes cheques between $500,000 and $1 million, and it has invested in companies, including oral care brand Perfora, supply chain company Celsius Logistics, and wellness food brand WellversedHealth, among others. 

“We are sector agnostic and will continue to back startups in the fintech, agri, healthcare, consumer brands and enablers and similar buckets. We are looking to be the first institutional investor in these companies and will lead or co-lead these rounds,” Sanil Sachar, General Partner at Huddle Ventures told YourStory.

He added that Fund II will deploy capital across 20 startups, with follow-on participation up to the Series A round. 

Founded in 2017 by Khosla and Sachar as an accelerator and VC fund, Huddle Ventures works closely with its portfolio companies, helping them with business development and strategy. 

“We have already clocked three partial exits from Fund I within 36 months,” Khosla said, adding that nearly 65% of the fund’s portfolio had already raised follow-on rounds.