Indian VC firm Nexus closes $700 million fund to back AI and consumer startups

Dec 4 (Reuters) – India’s Nexus Venture Partners announced on Wednesday that ​it closed a $700 million fund ‌that will back AI, enterprise software, consumer and ‌fintech startups.

The venture capital firm has previously made investments in the likes of logistics provider Delhivery and mortgage ⁠lender India Shelter ‌Finance, as well as consumer startups like Zepto and ride-hailing ‍app Rapido.

Through the fund, Nexus is betting on a growing consumption boom in ​the world’s fourth-largest economy, where e-commerce ‌sales as well as quick commerce – which promises deliveries like iPhones and groceries in 10 minutes – are growing.

It also plans to focus on artificial ⁠intelligence, a sector that ​has drawn billions of ​dollars from tech giants and venture funds.

Founded in 2006, Nexus ‍was one ⁠of the first Indian venture capital firms to invest in U.S. ⁠and India-based software startups.

(Reporting by Nandan Mandayam ‌and Haripriya Suresh in Bengaluru; Editing ‌by Vijay Kishore)