India’s unicorn backers are shoring up their funds as they hunt for the next big startup
- India’s investors are raising more funds even as they look for the next big startup that emerges from this pandemic.
- Chiratae Ventures announced its latest funding of $10 million from CDC Group, the UK’s publicly owned impact investor.
- Earlier Lightspeed Ventures and Sequoia India too had announced the closure of their funds.
AdvertisementThe biggest crises lead the way for the biggest of opportunities. At least, that’s what India’s Venture Capital (VC) firms seem to be counting on.
From turning cautious during the early days of the pandemic, to actively hunting for ideas and innovations now - these VCs have come a long way. India’s investors are adding fresh capital infusion to their funds as they look for the next big startup that rises out of the coronavirus pandemic.
Today, Chiratae Ventures announced its latest funding of $10 million from CDC Group, the UK’s publicly owned impact investor. Chiratae has invested in 85 startups over the last 14 years, through four funds.
“We look forward to working closely with our new partner to invest in technology differentiated companies solving for challenges faced by India using technology as a disruptor, enabling them to scale in India and go global,” said Sudhir Sethi, Founder and Chairman, Chiratae Ventures.
Top startups backed by Chiratae
Target sectors: Consumer media and technology, Software/SaaS, HealthTech, Fintech
Lightspeed Venture Partners
Earlier this week, yet another prominent investment firm Lightspeed Venture closed its third fund – Lightspeed India Partners III – for $275 million. The fund, which has been investing in India for 13 years now, has so far invested $750 million into Indian companies, including unicorn startups.
Lightspeed’s biggest bets in India
Target sectors: Sector agnostic
Meanwhile, Sequoia India also closed $1.35 billion for two new funds: a $525M venture fund and an $825M growth fund. Sequoia India’s managing director Shailendra J Singh believes that ironically enough, the COVID pandemic has already catalyzed a massive change in almost every startup’s trajectory. “Our markets are deepening, our founders are world-class, our tech talent is formidable - but we need to hold ourselves to a higher bar. It’s time to aspire for massively large and profitable companies. It’s time to build more products that can compete globally on quality, not just on price,” he had said in a note.
Some of Sequoia’s starry portfolio
Target sectors: Sector agnostic
Here's why MakeMyTrip, OYO, Lemon Tree and likes may reap the most out of the long-term recovery in hotels
TCS' $420 million punitive damages ruled 'excessive' by US court — to be 'reassessed' for a second time
Popular on BI
- Wild video shows Florida police officers wrangling a huge alligator in the middle of the street
- Elon Musk and more than 1,000 people sign an open letter calling for a pause on training AI systems more powerful than GPT-4
- What is an indictment? What it means for someone to be indicted by a grand jury and why Trump was charged
- Amul hikes milk price by ₹2/ltr in Gujarat
- GST mop-up rises 13% to ₹1.6 lakh crore in March, second highest collection ever
- White House refuses to pay for Twitter's Blue verification: Report
- Italy bans ChatGPT, orders investigation over privacy breach
- IISc researchers design tiny supercapacitor capable of storing large amount of electric charge