Mumbai-based SaaS-focused VC firm, Cornerstone Ventures, has announced the first close of its second fund with a target corpus of $200 Mn, at approximately $40 Mn (INR 345 Cr). This fund aims to support innovative B2B technology startups and has garnered significant participation from domestic investors, including high-net-worth individuals (HNIs), family offices, corporates, and other institutions.
Launched in April 2023, Cornerstone’s second fund aims to invest between $5 Mn to $15 Mn in B2B technology marketplaces and software platforms. These investments will span sectors like financial services and insurance, retail, consumer goods and ecommerce, distribution and supply chain, healthcare products and services, along with sector-agnostic core technology innovations.
New Leadership Addition Accelerates Growth
Cornerstone has also announced the appointment of veteran investor and entrepreneur Suresh Pareek as its General Partner. The firm credits Pareek’s collaboration with accelerating the first close of the fund.
Pareek, the Chairman of Sukvi Ventures Family Office, has invested in over 12 early to growth-stage startups across various sectors. He is also the cofounder of Elephant Canvas LLP, a digital fine art NFT marketplace operating under the brand NewartX.
Commenting on the appointment, Abhishek Prasad, Managing Partner at Cornerstone Ventures, said,
“We are incredibly excited to welcome Mr. Pareek to the team… We are even more equipped to help our portfolio companies navigate their growth journeys and unlock meaningful impact across industries.”
Building on Past Success
Founded by former Reliance executives Abhishek Prasad and Rajiv Vaishnav, Cornerstone Ventures focuses on early-stage B2B technology startups. The firm’s first fund, valued at $50 Mn, was deployed across 21 startups, including notable names like Mystifly, NimbleBox.ai, CreditNirvana, and UniAcco.
With its second fund, Cornerstone Ventures looks to further expand its portfolio, leveraging its network and expertise to empower startups to scale and achieve meaningful impact.
Rising Funding Trends in Enterprise Tech
According to Inc42’s ‘Indian Tech Startup Funding Report 2024’, enterprise tech emerged as the third-most funded sector in India’s startup ecosystem last year, with over 167 startups raising $1.8 Bn.