Former Reliance Jio president Vikas Choudhury has successfully secured $130Mn for the maiden fund of his new venture, Playbook Partners. This fresh capital will be used to invest in mid-market, tech-enabled companies operating at the growth stage. Additional funds expected to be raised through global investors, ensuring that Playbook Partners could reach a total of $250 million.
arge institutional investors from Europe, the US, the Middle East, and India have already contributed to its initial $130 million close.
Playbook Partners’ investment strategy focuses on companies that are tech-first, and Choudhury revealed that the fund will target businesses that have demonstrated a viable business model and are generating between ₹100 crore to ₹200 crore in revenue. These companies are typically in need of capital to transition into multimillion-dollar enterprises. At this point, the firm is not limiting itself to a single sector but is particularly interested in areas where technology can drive significant growth and solve large-scale problems. The key industries in its sights include consumer tech, fintech, and supply chain management. Additionally, the fund plans to back businesses in sectors like healthcare, climate change, and software as a service (SaaS).
Speaking of Playbook, Choudhury’s leadership at the firm is complemented by an experienced team. Dushyant Singh, a former McKinsey executive, and Sumit Jain, a senior partner at Sistema Asia Capital, are both key figures in Playbook’s leadership structure. Their combined expertise brings decades of experience in managing growth-stage investments. Together, the team aims to lead or co-lead investment rounds, with an average ticket size of $10 million to $20 million per investment.
“There are over 1 Lakh startups in India and less than 1,000 startups which have reached growth stage. Therefore, it is an under-represented asset class in India. Further, it takes a certain kind of DNA to partake in growth capital. That’s where we have an edge because our leadership team has several decades of hands-on experience in building growth stage companies,” Choudhary said.
By providing much-needed capital to the companies, Playbook Partners aims to help them achieve sustainable growth and reach global markets. At this point, the firm is looking for businesses that not only have a positive contribution margin but also have strong fundamentals and scalable solutions. The firm currently has over 200 startups in the pipeline, and is preparing to make its first investment in the coming weeks. As of now, it is eyeing a final close of $250 million, and it is expected that this additional capital will come from both domestic and international investors. The firm’s SEBI-approved Category II alternative investment fund is registered at Gift City in Gandhinagar, a growing hub for financial services in India. The fund has already gained traction within months of its inception.
