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Mayfield fund completes its exit from Fourcee

  • Alvina Yuen
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Mayfield India Fund has completed its exit from Fourcee Infrastructure Equipment, coming as General Atlantic (GA) invested up to $125 million as part of a third round of funding for the logistics company.

Rajesh Lihala, founder and chairman of Fourcee, told VCCircle that Mayfield India Fund, a $111 million vehicle focused on Indian tech investments, first invested $5 million in Fourcee in 2010. The fund increased its investment last March, contributing $11 million to the company alongside SIDBI Venture Capital. Vikram Godse, director of Mayfield India Fund, held a seat on Fourcee's board.

Mayfield achieved a money multiple of around 10x on its investment.

India Equity Partners, a mid-market private equity firm which backs Fourcee up to $25 million, remains a shareholder in Fourcee.

Earlier this week, it was also reported that GA is investing for a minority stake in Fourcee through a mix of fresh capital and replacement capital.

Mumbai-based Fourcee engages in the business of transporting non petroleum oil and lubricants such as fatty acids, crude palm oil, molasses and chemicals by rail and road.

Mayfield has been expanding its presence in India. Last November, the fund participated alongside Norwest Venture Partners, Nokia Growth Partners and Intel Capital in a $17 million second round of funding for dealsandyou.com, one of the India's largest daily deals site.

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