India's Faering targets $200m for third fund

Faering Capital Evolving Fund III will focus on minority investments in mid-market Indian companies across a range of sectors. The International Finance Corporation (IFC), the investment arm of the World Bank, is considering a commitment of up to $15 million in the main fund, according to a disclosure.

Faering was founded in 2010 by Aditya Parekh, the son of HDFC chairman Deepak Parekh, and investment banker Sameer Shroff, and closed its INR8.3 billion ($129 million) debut fund the same year. The new vehicle will invest alongside Faering’s second fund, which launched in 2015 with a target of INR18 billion.

The firm focuses on consumption-enabling services such as financial services, consumer products and services, healthcare, and logistics, investing INR300-800 million at a time. Its portfolio companies include video learning and collaboration platform Linkstreet and financial services business FundsIndia, and Religare Health Insurance. For the latter deal, Faering joined a consortium led by True North Managers last year.

The GP also holds a stake in Sequoia Capital-backed snack maker Prataap Snacks, having invested INR450 million in 2016. Sequoia made a partial exit in Prataap’s IPO last year, which saw the company raise INR4.8 million. Faering did not sell any shares in the offering.

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• Topics
• South Asia
• Fundraising
• Growth
• GPs
• India
• Growth capital