Nexus Venture Partners, an Indian VC firm, has closed a $700 million venture capital round – Nexus Ventures VII – to back ‘exceptional entrepreneurs’ in India and the US at a time when startup investment has slowed down in the face of a global economic crisis.

Nexus Venture Partners’ $700 million is the second-largest fund raised by an Indian venture capital firm after Sequoia Capital India, which raised $2.85 billion in mid-2022 to invest in startups in India and Southeast Asia.

With India being one of the largest developer bases in the world and an emerging talent hub for global companies driving AI and software revolution, Nexus Venture  Partners firm plans to invest the raised funds in India and US-based startups in sectors such as artificial intelligence (AI), software-as-a-service, FinTech, and commerce.

Launched in 2006 by former entrepreneurs Suvir Sujan, Sandeep Singhal, and Naren Gupta, Nexus Venture Partners was India’s first home-grown venture capital firm to invest in the US and Indian startups, with up to 200 startups in India and the US, and 100 startups in India alone.

With the latest fund, the firm’s total assets under management will reach $2 billion. Its investment portfolio includes publicly-listed companies such as food-tech Zomato, and mapping platform MapmyIndia. It has also supported up to eight unicorns including Unacademy, Postman, and Delhivery.