Zerodha, India's largest stockbroker, announced on Aug 10 that it has allocated an additional Rs 1,000 crore ($121 million) to its startup accelerator fund Rainmatter, despite the fund having a 'perennial investment' structure with no exit mandates.

Nithin Kamath, founder and CEO of Zerodha, stated in a blog post that the company has now partnered with over 80 startups, investing nearly Rs 400 crore over the last seven years.

Rainmatter was founded in 2016 with the goal of assisting individuals in better investing and trading.

“We believe that founders can similarly benefit from investors who bring in long-term patient capital—investors who are willing to stick around and help in any way possible, where the goal is to build a good, sustainable, long-term business, and not just to generate rapid returns. We can remain invested forever, as the investments we make are from our own capital,” Kamath said in the blog post.

Rainmatter Capital's investment profits are reinvested in more entrepreneurs and the Rainmatter Foundation, the company's non-profit arm, he added.

Zerodha invests up to Rs 50 crore in a new venture without taking a board seat or actively participating in the business under the fund structure.

The startup accelerator's scope has widened over time to include technology entrepreneurs making a difference in areas such as education, health, and even climate.