Venture capital firm SAIF Partners, which is a backer in a number of successful Indian startup stories, has today announced the closure of a new $350 Million, India-focused fund, to fuel further investments into India’s burgeoning start-up ecosystem, and to continue its next round in already funded startups (via VCCircle).
The VC firm completed the fundraising process for its new investment vehicle christened SAIF Partners India V Ltd, in a SEC disclosure. An e-mail sent to SAIF did not illicit an immediate response.
The SEC filing further states that it had made first close in December 2014 and grabbed up the entire sum of money from 27 investors. Its previous fund, which the firm raised four years ago, was also raised through the exact same number of investors.
SAIF partners is a backer in a number of marquee Indian tech firms, which includes MakeMyTrip, JustDial, and more recently, CapitalFloat and FirstCry. SAIF has been extremely successful when it comes to taking its company portfolios, public.
Other major brands, with backing from SAIF include set-to-go-public Manpasand Beverages, and NewsCorp.-backed PropTiger. PropTiger, which is an online real-estate website, recently scooped up a $30 Million round from American media giant NewsCorp, which marked NewsCorp’s India debut.
SAIF’s current $350 Million corpus marks the second-biggest India-focused fund ever raised in the history of Indian venture capital scene. The highest ever continues to be Sequoia’s $530 million which it raised last year.
Other major successes in the same scene include Helion’s $255 million in second India fund three years ago; Mayfield grabbed up a $108 Million and Accel Partners raised $155 million in its last India fund in late 2011.