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Omnivore Capital marks first close of second VC fund

Omnivore Capital Management Advisors Pvt. Ltd said it has marked the first close of its second venture capital fund at $46 million.

The second fund–Omnivore Partners India Fund II–received contribution from both domestic and foreign investors, Omnivore said in a statement. The venture capital firm had raised its first fund of $40 million in 2012 and 2013 only from Indian investors.

Foreign limited partners, or investors, in the second fund include German government-owned development bank KfW, the Netherlands Enterprise Agency’s Dutch Good Growth Fund (DGGF), the US-based Rockefeller Foundation, the UK-based investment firm Ceniarth and impact investor Sorenson Impact Foundation.

Domestic LPs include state-run financial institution Small Industries Development Bank of India (SIDBI) and private-sector lender RBL Bank.

Omnivore, which was founded in 2010 by Mark Kahn and Jinesh Shah, is targeting a final close at $75 million by August.

It aims to make its first two investments from the second fund by the end of March, said Shah.

Omnivore is an impact venture fund that invests in Indian startups developing breakthrough technologies for food, agriculture and the rural economy.

Its first fund has 12 active portfolio companies. These include processed food firm Arohan Foods, on-farm diagnostic equipment maker Eruvaka Technologies and IT services startup Retigence Technologies. It has partially exited weather forecaster Skymet and dairy IoT company Stellapps.

Omnivore joins a bunch of other VC firms in hitting a fundraising milestone. Last year, a clutch of big and small VC firms including IDG Ventures, Endiya Partners, Stellaris Venture Partners and Fireside Ventures announced fundraising milestones.

Last month, early-stage venture capital firm 3one4 Capital marked the final close of its second fund and early-stage venture capital firm pi Ventures marked the second close of its debut fund at $25 million.

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