From: AltAssets
Lightspeed India Partners has bagged $275m from LPs in a new venture fund aimed at supporting early-stage startups in the world’s second-largest internet market.
The American venture firm aims to invest into more than 20 different startups in the region on the back of the new fund, according to a TechCrunch.
Lightspeed Venture Partners first entered India in 2007 and then launched its first India-focused fund in 2015 to the tune of $135m, which was followed by a second fund worth $175m in 2018.
Lightspeed has invested over $750m into companies in the region since 2007, 80% of which saw it inject capital into seed and Series A-stage startups.
The news comes on the back of two big exits for Lightspeed’s India arm earlier this year:
lodging startup Oyo and edtech giant Byju. Together, they reportedly delivered cash returns of more than $900m.
The previous funds have been used to back companies such as business-to-business marketplace Udaan and social media platform ShareChat as well as SaaS startups DarwinBox, Yellow Messenger and OkCredit.
This is not the only Asian investment fund Lightspeed has raised of late.
For instance, Lightspeed China Partners bagged $560m in its biggest close to date in January 2019 across its two vehicles: Lightspeed China Partners IV and Lightspeed China Partners Select I.
The American venture has had busy 2020, having closed a total of more than $4.2bn across three new funds, including a new $1.5bn vehicle targeting breakout companies across the globe.
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