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HDFC Life, an India-based leading life insurance company has announced the investment in Z3 Partners’ new fund named Z3 Partners Tech Fund, a tech, and digital-focused venture capital (VC) fund.
The fund plans to invest about Rs 35 to 80 crores in technology-enabled startups in India.
Z3 Partners, which is currently raising this Fund of Rs. 500 crores, has already backed startups like Cyfirma, DealShare, Gramophone, Ships, and True-Fan.
Z3Partners is founded by Gautam Patel whose prior investments have been BigBasket, MedGenome, OFBusiness, Pepperfry, etc.
Z3Partners invests in market-leading tech and digital startups which are focused on exponential growth and proven unit economics and are servicing large addressable markets by leveraging world-class execution and disruptive tech solutions.
The Fund announced its second close of Rs. 250 crores last year and is on track to do the final close this year.
Speaking on the development, Gautam Patel, Managing Partner, Z3Partners, said, “HDFC Life is one of the most respected and credible financial institutions in India. Their high governance and quality standards reflect in every aspect of their business.”
“We are excited to have HDFC Life on board for this journey to invest in the best tech and digital companies that are backed by world-class entrepreneurs. We believe this endeavor will translate into providing support and leadership to the Indian startup ecosystem,” he further added.