India’s LC Nueva hits first close on debut VC fund

The vehicle is said to have received strong support from global investors and single-family offices since its launch in February. LC Nueva and certain stakeholders of Lighthouse Canton have provided 25% of the capital to date. A final close is expected in May.

LC Nueva’s investment team consists of Sohil Chand, who will act as CIO, and Ashish Chand. Sohil Chand previously served as head of India for Norwest Venture Partners and helped set up Goldman Sachs' private equity business in India. Ashish Chand is a founding partner of Nueva Capital and an executive director at Indian VC and PE investor Yukti Securities Private.

The fund will invest in 25-30 Indian companies at the pre-Series A and Series A stages with a sector-agnostic approach and a bias toward technology related to healthcare, consumer, financial services, and education. Capital intensive businesses will be avoided. A substantial part of the corpus will be reserved for follow-on rounds.

LC Nueva has invested in 17 companies and deployed about USD 10.1m to date. Notable investees include pre-owned car leasing subscription service Pumpumpum, diagnostics and precision medicine company Redcliffe Lifetech, and male-focused intimate hygiene company Svish. All are based in India.

“India’s private market has been growing exponentially – a robust ecosystem that we are proud to be working closely with our investors and founders alike to mobilise capital for purpose,” Sumegh Bhatia, CEO of LC Capital India, the Indian arm of Lighthouse Canton, said in a statement.

LC Nueva claims it will be actively involved with its founders and their companies as they evolve through their lifecycles, leveraging Lighthouse Canton’s founder ecosystem. This will include mentorship and providing operational and management support.

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• Topics
• South Asia
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• seed