Mayfield closes second India fund at $108m

Mayfield India II launched in January 2013 and reached an interim close of $86 million last month. It will target businesses in infrastructure, technology, technology-enabled services and consumer-related sectors with an average ticket size of between $2 million and $8 million.

Navin Chaddha, managing director of Mayfeild, said that while the macroeconomic climate has varied since Mayfield first invested in India in 2006, he felt the country continued to present valuable opportunities to technology and non-technology investors.

"Two of our key takeaways are that tech-enabled infrastructure solutions can create great value and lifestyle and entertainment products aimed at the consumer middle class can grow into universal brands," he said. "In addition, we believe that mobile companies aimed at the 700 million mobile users and tech and tech-enabled services represent the future in India."

Set up in 1969 and headquartered in California, Mayfield has $2.6 billion under management. The firm is also currently deploying Mayfield XIV, a $365 million US fund, and Mayfield India I, a $111 million India fund, which reached a final close in 2008.

Some of Mayfield's current Indian portfolio companies include Amagi Media, Centum Learning, Genesis Colors, India Property, Matrimony.com, Securens Systems, Sohanlal Commodity Management, Tejas Networks and The Beer Café.

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