The IDG-affiliated venture firm has closed its third fund with backing from limited partners including IFC and has reserved about 25% for later-stage deals.

IDG Ventures India, a venture capital affiliate of US-based media company International Data Group (IDG), is set to close its third fund at $200m, the Economic Times reported yesterday.

IDG Ventures India III raised $120m for its first close in February 2016 and reached $150m in May. It could receive $20m from International Finance Corporation (IFC), the private investment arm of the World Bank, according to two people familiar with the development.

Wealth management firm Edelweiss Wealth Management is expected…