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New Delhi: Arkam Ventures, a venture capital firm floated by former executives at Helion Venture Partners and Kalaari Capital, said it has marked the final close of its first fund at $106 million ( 790 crore).

The fund was oversubscribed against its original target of 650 crore, said Arkam Ventures in a statement.

Limited Partners (LPs), or investors, in the fund included British International Investment Plc (formerly CDC group), Nippon India Digital Innovation, Evolvence Group, a global fund of funds, a large US endowment fund, Capria Ventures, and Small Industries Development Bank of India (Sidbi), it added.

Other LPs included large family offices and prominent startup founders such as Sanjeev Bikhchandani of Info Edge; Binny Bansal, former Flipkart founder, and Vijay Shekhar Sharma of Paytm.

Arkam was founded in 2017 by Rahul Chandra, former managing director of Helion Venture, and Bala Srinivasa, former partner at Kalaari.

Chandra and Srinivasa said in an interview that 80% of the LPs were institutional investors, a rare for a first fund that typically relies on family offices and individuals for a fundraise.

Arkam, formerly known as Unitary Helion Ventures, marked the first close of its debut fund in mid-2020 with commitments of 325 crore.

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