HDFC Life made an investment in the new venture capital (VC) fund ‘Z3Partners Tech Fund’ from Z3Partners, which focuses on technology and digital investments.
Z3 Partners has previously funded a number of companies including Cyfirma, DealShare, Gramophone, Shipsy, and True-Fan. Likewise, Z3 Partners is currently raising funds of 500 crore rupees.
Z3Partners was established by Gautam Patel, who has also invested in BigBasket, MedGenome, OFBusiness, Pepperfry, and other companies. The Fund announced the second close of Rs. 250 crores last year, and the third close will be completed this year as planned.
According to Gautam Patel who is the managing partner of Z3Partners, “HDFC Life is among the most respected and esteemed financial institutions in India. We are pleased that HDFC Life would be partnering with us on this project to invest in the best IT and digital companies that are backed by elite businesspeople. We believe that by helping and guiding the Indian startup ecosystem, our efforts would be successful”.
Z3Partners also invests in start-up digital and IT firms. Investments made by Z3Partners Tech Fund range from 35 to 80 crores of rupees.