Paytm founder backs $29m debut fund from India's Roots

The fund has already raised INR1 billion, Roots founder Japan Vyas told the Press Trust of India. Additional investors include Seedfund co-founder Pravin Gandhi and Sandeep Kohli, formerly the India head of Yum International. A final close is expected within the next three months, with a greenshoe option to raise an additional INR1 billion if the fund is fully subscribed.

Roots will mainly invest in companies in the consumer products, consumer technology, and financial technology sectors, focusing on early and growth-stage deals. The firm plans to commit around INR60 million in early-stage transactions, with growth deals receiving up to INR250 million each.

Roots claims to have made six investments so far, including commitments to packaged food and beverage maker Supa Star Foods and grooming products manufacturer Em & Em Personal Care. It is in the process of closing two more deals in the mobility and consumer space.

Vyas has been investing in Indian start-ups for more than 10 years. He helped set up the alternative investment strategy of IDFC Investment Advisors in 2008 and ran the division from 2010-2014, during which he led the firm’s investment in Paytm. After leaving IDFC he co-founded consumer-focused venture cpaital firm Sixth Sense Ventures, where he served as managing partner for the next four years.

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• Topics
• South Asia
• Fundraising
• GPs
• Venture
• Technology
• India
• TMT