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Pavestone, the Hyderabad-based growth stage venture capital firm has raised Rs 816 crore as the final close for its Pavestone Technology Fund.

Founded in 2021 by Sridhar Rampalli, Srikanth V J Tanikella, and Laxmikanth V, Pavestone had previously raised Rs 700 crore.

The closure of the new fund has surpassed its initial target of Rs 600 crore and the corpus was increased twice through the greenshoe option to accommodate investor interest, Pavestone said in a statement.

The investors in the fund include the likes of Self-Reliant India (SRI) Fund, the family office of Mankind Pharma promoters, and Colruyt Group India, among others.

On the closure of the new fund, V Laxmikanth, Managing Partner at Pavestone, said, “This outcome reflects our vision and commitment to rigorous analysis and strong governance in our investment approach.”

According to the VC firm, Pavestone Technology Fund will focus on early growth stage B2B technology startups that address the requirements of large enterprises. It said the fund will target companies with proven market traction, established product-market fit, and solid partnerships with anchor clients.

To date, the Pavestone Technology Fund has invested in five companies: E42, Bellatrix Aerospace, LivNSense, NewSpace Research & Technologies, and Cynlr. Additionally, the fund will also selectively back early-stage ventures working on high-impact technologies.

On the VC firm’s focus of B2B startups, Sridhar Rampalli in an earlier interaction with YourStory said, “We understand the pain and nuances of building a large-scale, complex, and right-price platform business, both from the product and business perspective.”