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Avendus on Thursday said its Future Leaders Fund III (FLF III) has achieved its first close, securing Rs 850 crore in commitments.

The fund aims to raise Rs 1,500 crore, with an additional green shoe option of Rs 1,500 crore. It is planning to make investments in about 12 to 14 startups, with an average ticket size of Rs 150 crore to Rs 300 crore.

In May last year, Avendus had set a target to raise a corpus of Rs 3,000 crore for its FLF III, with an average ticket size of Rs 200-300 crore. This has been reduced to Rs 1,500 crore as per the latest announcement from the firm.

The FLF III fund will look to invest in sectors such as financial services, healthcare, technology, consumer goods, and manufacturing. It is currently in the process of finalising its first investment in the healthcare sector.

Avendus’ portfolio companies from FLF I and FLF II include omnichannel eyewear brand Lenskart, Indian snacks company Bikaji, and mobile payments platform Juspay, among others.

SoftBank-backed startup Juspay is also in talks to raise new funding that could make it 2025’ first unicorn, YourStory had exclusively reported.

The firm also added that FLF I has returned over 100% of investor capital within four years while FLF II has recently been fully deployed.

This announcement also comes amidst a string of venture capital firms announcing new funds to invest in the next set of startups as the Indian IPO boom continues. Most recently, Urban Clap, manufacturing firm Zetwork, and fintech platform Groww are reportedly considering going public in the near future.