Nilekani-backed Fundamentum AI fund raises 3,000 crore

BENGALURU: Nandan Nilekani-backed Fundamentum’s third fund has secured Rs 3,000 crore from investors and raised its fundraising ceiling to Rs 3,500 crore following strong demand, as the venture capital firm prepares to make larger bets on Indian artificial intelligence and deep-tech startups.The fund, managed by Fundamentum Frontier Advisors (F2A), is led by Fundamentum co-founder Ashish Kumar. In an interview with TOI, Kumar said the firm had closed fundraising at Rs 3,000 crore and was negotiating with institutional investors to raise another Rs 500 crore.It expects to complete the final close within the next two months. About 70% of the capital has come from Indian investors, largely family offices, while overseas investors account for the remaining 30%. — Supriya RoyYou use AI every day. Now get your AI Quotient. Take the AIQ test.