Gurugram-based Huddle Ventures has opened a green shoe option for its Rs 100 crore Fund II. The early-stage venture capital (VC) firm, which started raising fresh funds in mid-2023, plans to announce the final close of funding in the next two months.

"Our initial target was oversubscribed and we have activated the green shoe option. The fund is likely to close at Rs 150 crore, "said Ishaan Khosla, general partner, Huddle Ventures.

The Rupee Fund, which invests in pre-seed and seed-stage start-ups, has been receiving good response from domestic family offices and legacy and new-age operators in the ecosystem.

Huddle Ventures has already backed six companies from Fund II, while investing Rs 50 crore in Fund I and 25 start-ups, taking the total assets under management of the firm to $20 million.

The firm typically makes investments between $500,000 and $1 million, and has invested in companies such as oral care brand Perfora, supply chain company Celsius Network, and wellness food brand Wellversed Health.

"We will continue to support start-ups in fintech, agri, healthcare, consumer brands, enablers and similar buckets. We look forward to being the first institutional investor in these companies to lead or co-lead these rounds, "said Sanil Sachar, General Partner, Huddle Ventures

Fund II will deploy capital across 20 start-ups with follow-on partnerships up to Series A round, he added.

Founded in 2017 by Khosla and Sachar as an accelerator and VC fund, Huddle Ventures works closely with its portfolio companies, helping them drive business development.

"We have already completed three partial exits from Fund I in 36 months," Khosla said, adding that about 65% of the fund's portfolio has already raised follow-on rounds.