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Early-stage VC firm Cornerstone Ventures marks first close of $200 million fund

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Sumit Vishwakarma
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Cornerstone Ventures

Cornerstone Ventures, a Mumbai-based venture capital firm focused on software-as-a-service (SaaS), has announced the first close of its second fund at about $40 million (approximately Rs 330 crore).

The firm aims to raise a total of $200 million (around Rs 1,700 crore) for this new fund, which will target early- to growth-stage startups offering B2B technology platforms and marketplaces.

Among the sectors the fund plans to invest in are financial services and insurance, retail, consumer goods and ecommerce, distribution and supply chain, and healthcare products and services.

Investing $5 million to $15 million

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The first close attracted commitments from domestic limited partners, including high net-worth individuals, family offices, corporates, and other institutions.

Although Cornerstone Ventures did not disclose the LPs’ names, the firm noted that the capital infusion underscores strong investor confidence in its strategy.

The ticket sizes for future investments are expected to range from $5 million to $15 million, offering portfolio companies both strategic and financial support as they scale.

Appointment of new General Partner

In a notable development, the venture capital firm has welcomed seasoned investor and entrepreneur Suresh Pareek as its new general partner.

Pareek founded pharmaceutical excipients manufacturer Ideal Cures and has also been investing in startups through his family office, Sukvi Ventures.

His portfolio covers nearly a dozen companies, spanning both early and growth stages.

Abhishek Prasad, Managing Partner at Cornerstone Ventures, said, “We are incredibly excited to welcome Mr. Pareek to the team. Having him join us has helped us accelerate our first close as well because of the investor network he brings to the fund. We are even more equipped to help our portfolio companies navigate their growth journeys and unlock meaningful impact across industries.”

Who are the founders of Cornerstone Ventures?

Cornerstone Ventures was established in 2018 by Prasad and Rajiv Vaishnav, who previously worked with Reliance Industries’ investment arm.

Since its inception, the VC firm has focused on supporting innovative SaaS-based companies, committing capital from its first fund to 21 startups, including NRT, Blubirch, Mystifly, THB, Credilo, and others.

Some of its notable exits include investments in Wigzo and Intelligence Node. Having completed the deployment of its debut fund, Cornerstone now aims to start investing from its second fund this quarter, with plans to make 15 to 20 new investments that foster long-term growth in the Indian technology and services ecosystem.

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