The new fund (Fund II) will primarily focus on startups working in the fintech, B2B commerce, used merchandise and affordable products spaces, besides SaaS and B2C commerce.
The VC firm expects to close the fund-raising process by the end of this year, Gopal Modi, President of Orios, told e27. The new fund has been devised to build a larger portfolio of approximately 25 seed companies and another six-eight Series A/B companies. It intends to keep significant follow-on capital for multiple rounds into growing companies.
“When we launched our first fund in 2013, our objective was to give the domestic investor an opportunity to participate in the India online growth story. We were also best placed to leverage the combined experience of the team in building some of the most successful consumer and software product companies out of India. We’re very happy with the performance so far and are excited to continue our work with Fund II,” said Rehan Yar Khan, Managing Partner at Orios.
“For 2015 we have identified that large opportunities exist in fintech, B2B commerce, used merchandise and affordable products for the middle class,” he added.
Orios is a Mumbai- and Bangalore- based VC firm focused on making early-stage investments in consumer Internet and software products. Its senior team has been investing in early-stage companies since 2008 and has led over 35 investments at seed and Series A stages.
Started with a US$50 million fund, Orios has already invested in over 20 startups from the first fund, including online lingerie brand Pretty Secrets, beauty appointment booking app Ziffi, on-demand home services company TaskBob, daily meal delivery company Yumist and budget accommodation provider Zo Rooms. The fund also invested in enterprise productivity software company Sapience and cloud data integration platform Zapstitch.
With offices in Mumbai and Bangalore and looking to start one in Delhi, Orios works closely with other major venture funds and has managed to forge deep relationships with them.