VC firm Lightspeed India Partners has opened a new office in Koramangala, Bengaluru. This is Lightspeed’s second office in India after Delhi. The announcement was made by Managing Partner Bejul Somaia in a LinkedIn post. The office which will be inaugurated tomorrow reflects the firm’s commitment to deepening its engagement with entrepreneurs in the Bengaluru area and to better serving its existing portfolio companies headquartered in the city.
Bejul shed light on the reasons behind opening the office in Bengaluru. In an emailed response he stated, “This wasn’t a sudden decision. The question has always been ‘when’ and not ‘if’. The reason for opening the office now is because we felt that we were organizationally ready to operate in two offices. We’ve made several Bangalore investments including Byju’s, Udaan, Sharechat, FreshMenu so the issue was not a concern of missing deals. Rather, we want to be closer to our companies and engage with entrepreneurs earlier in the lifecycle, which we will now be able to do.”
Lightspeed’s notable Delhi based investments include budget hotel booking marketplace OYO, hyperlocal discovery platform Magicpin, social shopping platform Limeroad, and Big Data startup Innovaccer among others.
In the post, Bejul also mentioned that the Bengaluru office is also a sign of Lightspeed’s commitment to the startup ecosystem in Bengaluru. Lightspeed Venture Partners has been investing in India since 2004 focusing on direct and cross-border businesses. The firm generally invests $1 to $25 Mn in growth or early-stage startups seeking to disrupt or transform large markets in the domestic economy. The Silicon-Valley-based VC firm had raised a $115 Mn India-specific fund in 2015 to invest heavily in India’s burgeoning landscape.
Recently the VC firm invested in the $18 Mn Series C funding round of Mumbai-based startup OneAssist that offers credit card and smartphone protection in case of loss/theft. In June this year, it also led the $4Mn Series A funding round of HRtech startup, Darwinbox. Prior to that in May this year, it invested in the $7 Mn Series B funding round of magicpin.