India VC Nexus raises $110m top-up fund
Indian GP Nexus Venture Partners is raising a $110 million “opportunity fund” focusing on later-stage investments in existing portfolio companies. The vehicle is not open to new LPs and is scheduled to close in March.
Snapdeal will be the first recipient of capital from the fund, a source familiar with the situation told AVCJ, with Nexus participating in a $133.8 million Series D round led by eBay. The VC firm has been an investor in Snapdeal since its first institutional round in January 2011.
Nexus has raised three full-size venture capital funds, the most recent closing in 2012 at $270 million, around $50 million larger than its predecessor. Investors include endowments, foundations and financial institutions across North America, Europe and Asia.
All major LPs in prior funds participated in Nexus India Capital III and Naren Gupta, the firm's co-founder, said that fundraising took a "couple of months." The first regulatory filing for the vehicle was dated November 2011 and sources told AVCJ that the process was completed as early as March 2012.
Nexus focuses on early-stage Indian companies across the technology, internet, media, consumer and business services industries. It makes 6-8 new investments each year, committing up to $10 million in what is usually a company's first institutional round of funding. There is also a seed program that invests up to $500,000 in start-ups.
In addition to Snapdeal, portfolio companies that have already been through at least three rounds of funding include online wholesaler Bigshoebazaar, advertising platform PubMatic, video content management platform Kaltura and enterprise solutions provider Druva Software.
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