Lightspeed Venture Partners has raised its second India-focused fund, days after the firm closed a pair of funds with a combined capital pool of $1.8bn.
The firm has confirmed Lightspeed India Partners II raised $175m through an SEC filing, following media reports the fund had hit that total.
A total of 42 investors helped Lightspeed to the total according to the latest US Securities and Exchange filing.
The firm raised $135m from 24 backers for its debut India fund in 2015.
The India division of the firm, which has offices in New Delhi and Bangalore, invests in early and growth-stage technology companies that have a strong base in India and/or global consumer and enterprise markets.
Earlier in the week, Lightspeed Venture Partners announced the close of its twelfth fund on $750m alongside $1.05bn for its third ‘Select Fund’ targeting later-stage deals.
The funds easily surpassed the $1.3bn Lightspeed raised across its predecessor pair in the strategies in March 2016, and boost its committed capital under management to more than $6bn.
Lightspeed said Fund XII will be used to invest in seed, Series A and Series B deals in the enterprise and consumer sectors, while its latest Select Fund will provide follow-on rounds in Lightspeed’s portfolio companies in their early growth phase.
Its India division has made a handful of investments into the FinTech sector. The firm recently led the $50m Series B round of e-commerce technology developer Udaan, to support the expansion of its customer and logistic network.
Lightspeed as a whole has been very active in the FinTech market, having completed eight FinTech investments this year alone.
Its most recent deal was a lead contribution to property management platform Mynd’s $20m Series B round. The Californian company helps property managers and owners by giving them real-time data and transparency to improve running of properties and collecting payments.
Other transactions completed by the firm this year include contributions to digital life insurance platform Ladder’s $10m round, cyber insurance company At-Bay’s $13m Series A and AI analytics solution ThoughtSpot’s $145m Series D.
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