Orios Venture Partners, an early-stage venture capital firm with investments in companies like Battery Smart, Karbon, ixigo, MobiKwik, CarDekho, and Vedantu, has delayed the finalization of its third fund for the second time.

Initially aiming to close the fund at $150 million in December of last year, the deadline was later pushed to June 2024. According to Orios partner Sukhmani Bedi, the firm is now anticipated to conclude the fund in December.

Reportedly, the delay in closing the fund is due to the departure of managing partners Anup Jain and Rajeev Suri last year, who left to explore other opportunities.

Bedi explained that last year’s delay in closing the fund was due to partner exits, while this time the postponement is due to logistical challenges and scheduling constraints with onboarding LPs, leading to a revised closure date in December.

Orios had previously closed two early-stage funds, Orios Fund I in 2015 and Orios Fund II in 2018.

The VC firm's Fund I, which was initiated in 2014, reached a final close at 300 Cr in 2015. Earlier this year, the VC firm announced that it had repaid the mentioned amount to its investors.

In addition to Fund I, Orios also closed a $30 million “Select Fund I” to support follow-up investments in its portfolio startups. Through this fund, Orios backed companies such as PharmEasy, GoMechanic, Country Delight, MobiKwik, and Nazara Technologies.

According to the report, with its third fund, Orios Venture Partners plans to execute 12-16 additional investments. Looking ahead, the firm intends to start the fundraising process for its fourth fund next year. Currently, Orios is engaged in discussions to invest in a climate tech startup as well as a fintech startup, reflecting its ongoing efforts to diversify and expand its investment portfolio.

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