Panthera hits first close on India, Southeast Asia fund
India and Southeast Asia-focused Panthera Growth Partners has reached a first close on its second fund with commitments amounting to more than half the overall target of USD 250m.
The firm was established in 2021 by Shilpa Kulkarni, who previously spent more than 10 years at Zodius Capital. It targets growth capital investments in digital or technology-enabled companies across consumer and enabling infrastructure, software-as-a-service (SaaS), and analytics.
A debut fund of USD 84m has been deployed in eight companies: research and consulting business MarketsandMarkets, online lingerie retailer Zivame, genetic testing solutions provider MedGenome, online furniture marketplace Pepperfry, big data player Antuit, online food delivery business FreshMenu, online grocer BigBasket, and industrial supply chain-focused B2B platform OfBusiness.
Fund II, which has received support from institutional investors in India, Europe, and the US, will make between 10 and 12 investments. Average cheque sizes will be around USD 20m.
“We are a growth equity investor focused on revenue-generating enterprises that are building scalable businesses having achieved product-market fit,” Kulkarni said in a statement.
“We believe operating thought partners are just as important as capital at this growth stage. With our experience of investing and operating companies in the start-up ecosystem, we look to support entrepreneurs and management teams as they embark on an ambitious growth journey.”
India-Southeast Asia is an increasingly popular fundraising mandate as established India GPs look to expand into neighbouring markets. Jungle Ventures, which has pursued this strategy from the outset, recently closed its fourth fund on USD 600m, while Venturi Partners recently closed its debut vehicle on USD 175m.
Sequoia Capital India established a Singapore office in 2012. Having previously addressed India and Southeast Asia through a single fund, earlier this month the firm announced a final close of USD 850m on its first dedicated Southeast Asia vehicle. It raised a USD 2bn India fund at the same time.
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