Hyderabad-based venture capital (VC) firm Dallas Venture Capital ( DVC) announced the first close of its Rs 350 crore fund aiming to invest in Indian enterprise tech start-ups. 

The firm has plans to close the entire fund within four to six months. It has raised Rs 110 crore for the first close. 

DVC has registered the fund under Category II alternative investment fund ( AIF). It has attracted investment from high-net-worth individuals (HNIs) from India and the United States (US) and institutional investor IIFL. 

The enterprise tech capital has a green-shoe option of Rs 140 crore and it seeks to finance 15-18 start-ups within four years. It also includes a green shoe option of Rs 140 crore. 

It has invested in five indigenous start-ups in the last 10-12 months. The portfolio includes Disprz, IntelleWings, VuNet, BluSapphire and Hippo Video. 

DVC introduced the fund last year at a public event in Hyderabad. K T Rama Rao ( Telangana Technology Information Technology Minister), Dayakar R Puskoor (co-founder and director of DVC) and Abidali Neemuchawala ( co-founder and director of DVC) were present at the event. 

“2023 is going to be a tough macro-economic environment, but global enterprises are at an early stage of the digital transformation journey. Hence, at DVC, we are very optimistic about start-ups helping enterprises digitally transform and solving real-world problems for them. We aim to help these start-ups scale their growth and reach a global forum of investors and advisors,” Neemuchawala said while addressing the launch of the fund at the event.