Mumbai-based VC firm White Whale Ventures has gained SEBI approval to launch a Category II Alternative Investment Fund (AIF) targeting INR 250 Cr, focusing on secondary transactions in the Indian startup ecosystem. The fund will invest in late-stage companies, particularly in fintech and consumer sectors, aiming for public market listings within 18-36 months. With a goal to facilitate exits for existing investors and provide liquidity for founders’ ESOPs, the fund plans its first close in late 2025. This move aligns with the growing trend of secondary deals in the sector, as many startups prepare for IPOs.