Beams Fintech Fund Announces First Close Of Maiden Fund

Beams will primarily back fast-growing fintech companies in Series B and C rounds

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Beams Fintech Fund (Beams), a growth stage fintech fund, has completed the first close of its maiden fund within three months of its official launch.

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The firm has already received commitments of up to INR 270 crore. Beams will back growth stage companies operating at the intersection of the financial services and technology sector. The fund aims to reach the target corpus of INR 750 crore within the next nine months.

The first close saw participation from marquee domestic & international investors including banks, NBFCs, fintech's, among others.

The Series B and C oriented fund will primarily invest in 10-12 companies from the fund and will maintain its fintech focused theme. Beams has already begun its innings by investing in millennial-focused neo-bank, Niyo Solutions Inc last month, alongside Accel and Lightrock India.

"It's remarkable for us to achieve a first close for Beams in just a few months after the official launch. Thanks to our investors. This success in fundraising has come on the back of the track record and the team that we have built for Beams. We are building a strong operating team with a deep experience in the fintech space for the execution of this growth stage investing strategy and founders are appreciating the same," said Anuj Golecha, co-founder and partner, Beams Fintech Fund.

India has several sector focused growth funds across consumer and health care space such as Fireside Ventures, Sixth Sense Venture, DSG Ventures, Healthquad, Quadria etc