BENGALURU: India’s largest homegrown venture capital firm, Nexus Venture Partners, is moving closer to complete raising its new fund which is targeting $450 million. The fund has raised $313 million till now, according to a filing with US market regulator Securities & Exchange Commission (SEC).

Nexus has raised the corpus till now from about 29 investors, according to the filing. ET had reported in January that Nexus has hit the road targeting a corpus of $350-400 million. The firm, best known for its bets on online marketplaces like Snapdeal and ShopClues, will increase the share of investments in companies based in the US in the software space as several of its bets in the consumer internet space have turned sour, ET had reported then.

Nexus has about $1.2 billion in assets under management and its previous fund raising was $450 million in mid-2015.

Some of the recent investments by Nexus include software startups like deep-learning company , developer platform Hasura and software maker for logistics players Pando. Other investments include language startup Pratilipi and fintech company Namaste Credit.

Nexus was founded in 2006 by three former entrepreneurs –– Silicon Valley-based Naren Gupta along with Mumbai-based Sandeep Singhal and Suvir Sujan. Over the years, Anup Gupta (Mumbai) and Jishnu Bhattacharjee (Silicon Valley) joined as partners. While Gupta, Bhattacharjee and Singhal have been focusing primarily on software and B2B deals, Sujan has led consumer internet investments. Gupta has focused on consumer and financial services. Last year, the firm added Ram Gupta as managing director in the US office, though it is not clear if he is a partner in the new fund.

The development comes as several venture capital funds on the road to raise fresh capital. ET had reported in February that existing top venture funds like Sequoia Capital India, Lightspeed India and Matrix Partners India are on the road to collectively raise over $2 billion this year.

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