Triton announces first close of second fund at Rs 120 Cr

Mumbai-based venture capital firm Triton has announced the first close of its second fund, raising Rs 120 crore out of a targeted Rs 240 crore ($28 million). The new fund is over five times larger than its predecessor and will continue to focus on business-to-business (B2B) technology and tech-enabled services.

Triton’s first fund invested in enterprise SaaS, artificial intelligence, B2B marketplaces, and marketing services. With its first fund nearing completion and showing strong returns, the firm aims to build on its momentum with the second fund. Triton has carved out a niche in early-stage B2B tech.

“Triton Fund II reflects our dedication to driving innovation in B2B Tech and supporting the next generation of transformative companies in India,” said Pradyumna Dalmia, Managing Partner at Triton. “With the strong performance of Fund I, we are well-positioned to create significant value for both our investors and portfolio companies.”

Fund I was smaller, and focused on proving Triton's investment thesis. It backed companies like Recykal (circular economy platform), ZingHR (HRTech), CamCom (AI-powered inspection tech), and Bizom (retail intelligence).

Companies from Triton Fund I have successfully raised follow-on funding, including Recykal, which secured $22 million from Morgan Stanley India (2022) and $13 million from 360 ONE Asset Management (2024); ZingHR, which raised $10 million from Tata Capital Growth Fund (2020); CamCom, which secured funding from 3Lines Venture Capital (2021); and Bizom, whose parent company Mobisy Technologies raised $3.5 million in a Series A round led by SIDBI Venture Capital (2021).

“With the funding euphoria behind us, we are now seeing high-quality founders adopting a more prudent approach to capital. We believe this will lead to a new wave of companies with strong economic foundations. At Triton, we aim to provide patient capital and strategic support to help these businesses scale and succeed, said Dev Raman, Partner, Triton.

Triton Fund II will primarily invest in pre-Series A and Series A rounds, with initial investments ranging from Rs 8–16 crores per company. The firm will focus on sectors such as enterprise SaaS, agentic AI, and deeptech.