HDFC Life invests in 'Z3Partners Tech Fund' to aid digital entrepreneurs

Z3 Partners has already backed startups like Cyfirma, DealShare, Gramophone, Shipsy, and True-Fan

Life insurance firm HDFC Life has invested in Z3Partners’ new fund, ‘Z3Partners Tech Fund’, which is a tech and digital investment-focused Venture Capital (VC) fund.

Z3 Partners, which is currently raising funds to the tune of Rs 500 crore, has already backed startups like Cyfirma, DealShare, Gramophone, Shipsy, and True-Fan.

Z3Partners is founded by Gautam Patel whose prior investments have been BigBasket, MedGenome, OFBusiness, Pepperfry, etc. The Fund announced its second close of Rs 250 crore last year and is on track to do the final close this year.

Gautam Patel, Managing Partner, Z3Partners, said: “HDFC Life is one of the most respected and credible financial institutions in India. We are excited to have HDFC Life onboard for this journey to invest in the best tech and digital companies that are backed by world-class entrepreneurs. We believe this endeavour will translate into providing support and leadership to the Indian startup ecosystem.”

Z3Partners invests in early growth digital and tech companies. The Z3Partners Tech Fund invests Rs 35-Rs 80 crore.