On Tuesday, Lightspeed India Partners informed that it has raised $275 million from LPs for its third fund as the top American venture company seeks to enhance its investments in the world’s second-largest internet market.
In an interview with TechCrunch, Hemant Mohapatra, a partner at the company, informed that this brand new fund, its biggest for India, will allow Lightspeed India Partners to make initial-stages bets on ahead of two dozen startups in the area.
This declaration arrives as the company, which commenced with making investments in India since 2007, has made two high-profile partial exits in the previous tear from budget-lodging startup Oyo along with backing ed-tech giant Byju’s that jointly delivered gains exceeding $900 million.
Few of its other significant bets include financing Udaan, a business-to-business marketplace, which was valued at a surplus of $2.75 billion in 2019, ShareChat- a domestic social media platform which is in progressive stages of discussions to raise capital at a surplus of $1 billion valuations, along with DarwinBox, SaaS startups, OkCredit and Yellow Messenger.
The company, which involves six partners in the area, concluded with its first committed fund for India, of $135 million, in 2015. In 2018, it concluded its second fund for the area, which was $175 million in amount. Nevertheless, the venture company has invested beyond $750 million to date.
The Indian wing, which generally invests in the initial stages of a startup, continues to operate with its universal mothership for writing larger checks to back a few portfolio startups at subsequent stages (More than 80% of its investments have been committed to firms at Seed or Series A stages in India.)
“That’s one of the strongest points of differentiation we have. There are not many venture firms that have such a global presence. Our synergy with the global fund will continue,” informed Mohapatra. (Lightspeed also has a big presence in China. Last year, its China arm announced a $560 million fund.)
“Lightspeed believes this is when the best entrepreneurs and companies of the future will emerge. Strong founders are utilizing the tailwinds of India’s digital ecosystem growth to build out a new future and Lightspeed is strongly committed to backing these founders,” the company informed via a statement.