Silicon Valley-Based VC Firm Lightspeed Raises $135 Mn Maiden India Fund

Silicon-Valley-based venture capital firm, Lightspeed Venture Partners, has raised $135 Mn (INR 865 Cr) maiden India fund as it looks to double down on the country’s booming startup ecosystem.

This new fund will be advised by Lightspeed India Partners Advisors, managing directors Bejul Somaia and Dev Khare.

Prior to this, the venture partner firm was investing from its global fund and had reported in May, that it will raise its first India-specific fund close to $115 Mn (INR 734 Cr).

“The venture opportunity in India has improved significantly and this is similar to what Lightspeed did in China, four-years ago, by setting up a dedicated country fund. The new fund is expected to make 20-25 investments ranging from Seed to Series-B stage. Lightspeed will continue to follow an early stage strategy from the India fund while leveraging the large global funds to provide follow-on and expansion-stage capital,” Bejul Somaia told ET.

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.

Bejul Somaia and Dev Khare led Lightspeed Venture Partner has invested in over quite a few startups like Vee, Crafstvilla, Limeroad, LocalOye, PhoneWarrior, ITzCash, Fashionara and Dhingana across advertising and media, business services, financial services, healthcare, education and retail domains.

With the complete portfolio of over 200 investments till date, Lightspeed has invested in over five startups in India including OneAssist, Townrush, LocalOye, FreshMenu and BroEx this year.

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