Lightspeed Venture Partners has raised its second India-focused fund, days after the firm closed a pair of funds with a combined capital pool of $1.8bn.
The firm has confirmed Lightspeed India Partners II raised $175m through an SEC filing, following media reports the fund had hit that total.
A total of 42 investors helped Lightspeed to the total according to the latest US Securities and Exchange filing.
The firm raised $135m from 24 backers for its debut India fund in 2015.
The India division of the firm, which has offices in New Delhi and Bangalore, invests in early and growth-stage technology companies that have a strong base in India and/or global consumer and enterprise markets.
Earlier in the week, Lightspeed Venture Partners announced the close of its twelfth fund on $750m alongside $1.05bn for its third ‘Select Fund’ targeting later-stage deals.
The funds easily surpassed the $1.3bn Lightspeed raised across its predecessor pair in the strategies in March 2016, and boost its committed capital under management to more than $6bn.
Lightspeed said Fund XII will be used to invest in seed, Series A and Series B deals in the enterprise and consumer sectors, while its latest Select Fund will provide follow-on rounds in Lightspeed’s portfolio companies in their early growth phase.
Its India division has made a handful of investments into the FinTech sector. The firm recently led the $50m Series B round of e-commerce technology developer Udaan, to support the expansion of its customer and logistic network.
Last month, Lightspeed co-led Netskope’s $100m Series E round alongside Accel. Using patented technology, Netskope’s cloud-scale security platform provides context-aware governance of all cloud usage in the enterprise.
In the security space Lightspeed has also previously backed Aqua Security, a container security platform provider, Fireglass, specialises in browser isolation, and enxilo, a cybersecurity company preventing threat actors from extracting key data in real-time.
The firm has also been very active in the FinTech market, having completed eight FinTech investments this year alone.
Lightspeed has been very active in the FinTech market, having completed eight FinTech investments this year alone.
Its most recent deal was a lead contribution to property management platform Mynd’s $20m Series B round. The Californian company helps property managers and owners by giving them real-time data and transparency to improve running of properties and collecting payments.
Other transactions completed by the firm this year include contributions to digital life insurance platform Ladder’s $10m round, cyber insurance company At-Bay’s $13m Series A and AI analytics solution ThoughtSpot’s $145m Series D.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
