SAIF Partners Raises Fund for Indian Start ups

Venture capital and growth equity investment firm SAIF Partners raises $350 million for a new India-focused fund as it looks to back a new set of start ups in the country. The company, which has backed mobile payments firm Paytm and online ticket booking portal Bookmyshow, is now looking to make investments in technology focused business.

SAIF Partners raises fund of its targeted amount from 27 investors, according to a filing with US regulatory agency SEC made on 2nd March.

SAIF Partners invests in early to growth stage companies in mobile, internet, consumer products, industrials, financial services and IT sectors.

The company has also stepped up its focus on seed deals of Rupees 6-12 crore since last year, with industry executives indicating that it has already made 20 such bets. Over the past few days it has announced investments in property search platform NoBroker, industrial e-tailing platform industrybuying and small business lender Aye Finance. 99newsdesk has reported the news of Aye Finance on 23rd February.

One of its portfolio firms which is set for an IPO is Manpasand Beverages.

SAIF Partners has been among the most active venture capital firms in India, deploying Rupees 900 crore in 17 investments in last year. In an earlier interaction, SAIF Partners managing director Deepak Gaur had said that the pace of investment is likely to continue. “We will continue to be extremely aggressive in seed and series A investments,” he had said in last January.

What has also worked for SAIF Partners is its exit track record, as the company returned over $200 million to its limited partners in 2014. This was primarily a result of its partial exits from online travel company MakeMyTrip and local search firm Just Dial, its early internet bets placed in the year of 2005 and 06.

Another prominent VC firm Nexus, which had raised $270 million in its third fund in 2012, had last year filed to raise more money.

Media reports suggest Kalaari Capital and Accel are also raising new India funds.