Investment firm Beams closes Rs 270 crore maiden fund

Fintech fund Beams, founded by financial services sector veterans and venture capitalists, has announced the closure of its maiden fund within three months of the launch. The firm said that it has already received commitments of up to Rs 270 crore or $36 million for the fund and is in advanced stages of completing the documentation. Beams will back growth stage companies operating at the intersection of the fintech sector, the company said in a statement. The fund aims to reach the target corpus of Rs750 crores or $100 million within the next 9 months.

The first close saw participation from marquee domestic and international investors including banks, NBFCs, fintechs, large family offices, the CXOs of financial services and founders of fintech firms.

Existing investors of Venture Catalysts & 9 unicorns also backed Beams in its first close.

The fund is now in advanced discussions with several investors and family offices for its subsequent fund closes and the company wants to achieve its initial target corpus of Rs 750 crores or $100 million.
 
The Series B and C-oriented fund will primarily invest in 10-12 companies and will maintain its fintech focused theme, the company said. The fund will also be focussed on various verticals within the fintech space, including embedded finance, products & technologies, enterprise SAAS, neo banks and platforms catering to MSMEs.

Beams has already made investments in neo-banking platform, Niyo Solutions Inc. last month, alongside Accel and Lightrock India.

“It’s remarkable for us to achieve a First Close for Beams in just a few months after the official launch, thanks to our investors. This success in fund raising has come on the back of the track record & the team that we have built for Beams," said Anuj Golecha, co-Founder & partner, Beams.

Beams has already onboarded Naveen Surya as the founding team member of the company. The fund has also on-boarded several marquee partners, founders, mentors and advisors, including Deepak Ahuja, Dharmesh Gathani, Ronil Sujan, Rakesh Surana, Suumit Shah, Nakul Beri, Sunil Kulkarni.