JSW Group’s VC arm JSW Ventures is reportedly planning to launch its third fund to raise between INR 400 Cr to INR 450 Cr (about $47 Mn to $52 Mn) from domestic investors.

This comes as the VC firm has fully deployed its INR 300 Cr second fund, a report by ET said.

Launched in 2020, the second fund saw participation from family offices and institutions like SIDBI, NABARD and the family office of Ranjan Pai.

Queries sent to JSW Ventures managing partner Sachin Tagra didn’t elicit any response till the time of publishing this story.

Founded in 2016, JSW Ventures is an early stage-focussed investor which backs Indian founders who are building scalable technology-led solutions in sectors such as fintech, agritech, consumer tech, enterprise tech, healthtech, among others. The VC firm has made investments in pre-Series A and Series A+ rounds.

The firm launched its first fund, backed by the JSW family office, of $10 Mn in 2016. It invested in startups like Purplle, HealthPlix, HomeLane, among others. According to its website, the first fund gave 3X returns to its investors. JSW Ventures completely divested the stake held in Purplle via its first fund in 2023, getting a 2.7X return on its investment.

The second fund made follow-on investments in the existing portfolio startups and also took new bets on startups like Growcoms, Vetic and Zvolv, among others. Last month, JSW Ventures led StayVista’s INR 40 Cr Series B round from its second fund.

The development comes at a time when funding in the Indian startup ecosystem is picking up, albeit at a gradual pace, after the funding winter. Indian startups raised $5.7 Bn in H1 2025, up 8% from $5.3 Bn raised in H1 2024.

One of the reasons for this rise in funding has been the launch of new funds by VC firms. In May, 360 ONE Asset360 floated its INR 500 Cr VC Fund and BAT VC, owned by former X India head Manish Maheshwari, announced the launch of its $100 Mn fund. Besides, 2am VC launched its second fund with an aim to invest in 30 Indian startups.

According to Inc42’s Indian Tech Startup Funding Report, funds worth over $6.8 Bn were launched for Indian startups in H1 2025.

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