SAIF India raises $350m for third fund

Public companies are expected to comprise about 20% of the fund's investments, SAIF India Managing Director Deepak Gaur told The Economic Times. The rest of the capital is intended for seed, series A and growth stage venture capital investments.

For its third fund SAIF drew support from the same set of LPs that backed its second vehicle, which closed in 2014, and its 2011-vintage first fund. Both previous funds also closed at $350 million. The GP said it considered raising a larger fund due to LP demand, but felt a relatively smaller fund would give it the flexibility to do both early stage deals and larger investments in listed companies.

Like the last fund, the new vehicle will invest mainly in consumer internet companies. Portfolio companies in this space include online food delivery start-up Swiggy and insurance broker Acko. SAIF also plans to increase its investments in education, healthcare, consumer brands and content, financial services and software-as-a-service developers.

SAIF India spun out from SAIF Partners in 2011. SAIF Partners' fourth fund - along with many of its LPs - backed the first SAIF India vehicle. The firm has invested in about 26 companies since 2011. Its portfolio includes online payments and e-commerce platform Paytm; the firm was an early backer of the company and has invested several times, including in two rounds this year alongside Alibaba Group and SoftBank.

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• Topics
• South Asia
• Fundraising
• GPs
• Venture
• India
• SAIF Partners