Unacademy-backer Blume Ventures’ inaugural fund clocks 5x gross returns

The top 3 made ~3x of the entire fund. These include GreyOrange, Carbon Clean, and Turtlemint. "The loss ratio of this early vintage is close to 50% on the count of startups but significantly lower on the capital," the firm said in a statement.

"We've always believed that while the returns of a VC fund are typically discussed amidst much secrecy, there's immense value in sharing these figures more broadly with the ecosystem," added Karthik Reddy, Co-Founder and Managing Partner of Blume Ventures.

Reddy further noted, "The strong performance of our Fund I, conceived and executed during the nascent stages of India's venture and startup ecosystem, stands as a testament to the resilience and innovation of Indian startups. It is crucial to acknowledge and celebrate these successes, not only as a milestone for Blume but as a clear indicator that dispels any misconceptions about the potential for exits and liquidity in the Indian market."

Founded by Karthik Reddy and Sanjay Nath, in 2010, Blume has raised successor funds in 2015-16 and 2018-19, culminating in $60 million Fund II & $102 million Fund III. In late 2022, the firm raised Fund IV, valued at over $290 million. Blume also manages Opportunity Funds and Continuity Funds, which have elevated its total assets under management to over $600 million. In June 2023, the VC had raised ₹200 crore in the first close of its new opportunity fund, Fund 1Y.