AVCJ

India's Mandala reaches $140m first close on Fund II

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Mandala Capital, a South Asia-focused PE firm that invests in the agricultural sector, has reportedly reached a first close of about $140 million on its second fund.

The vehicle is targeting a final close of $250 million by December 2016, Mandala founder Uday Garg told The Economic Times. Like Mandala's previous fund, this one will seek opportunities in growth capital, late stage and PIPE deals for Indian agriculture and food companies.

Mandala's first vehicle, Mandala Agribusiness Fund, launched in 2013, also targeting $250 million. AVCJ Research shows a first close of $62 million reported in October 2013; the current state of fundraising is unknown.

Mandala claims to have invested over INR120 billion in Indian agribusiness since its founding in 2008. Deals from the first fund include a 2014 commitment of INR1.5 billion ($24 million) to the cold chain unit of distribution and supply chain solutions provider Gati, along with a 2015 investment of INR1.1 billion in agriculture-focused non-banking finance company Sustainable Agro-commercial Finance.

In addition, earlier this year the firm bought a 51% stake in food and pharmaceutical testing laboratory EFRAC for $10 million. Mandala also agreed to invest another $10 million in three years depending on the company's performance.

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