SAIF Partners has raised $400 million for a brand new fund and rebranded the 18-year-old influential enterprise capital agency because it seems to be to again extra early-stage startups on the earth’s second largest web market.
The brand new fund is SAIF Companions’ seventh for early-stage startups in India. Its earlier two funds have been every $350 million in measurement, and the agency as we speak manages greater than $2 billion in property.
SAIF Partners began investing in Indian startups 18 years in the past. The agency started as a three way partnership with SoftBank and its first high-profile funding was Sify. However the two corporations’ three way partnership ended greater than a decade in the past, so the agency is now getting round to rebranding itself, Ravi Adusumalli, the managing companion of SAIF Companions, informed PJDM in an interview.
The agency — which has 5 unicorns in its portfolio, together with Paytm’s parent firm One97 Communications, meals supply startup Swiggy and online learning platform Unacademy — is rebranding itself as Elevation Capital.
“Elevation displays our funding ethos and re-emphasises our dedication to the founders who assist redefine our future. For our present companions, it’s a dedication of continued collaboration on our path-breaking journeys collectively. For our new companions, it’s a promise to do all we are able to to realize nice heights collectively, from day one,” mentioned Adusumalli.
SAIF Companions has backed greater than 100 startups to this point. The enterprise agency makes long-term bets on founders and backs younger corporations starting their early years when they’re elevating their seed, pre-Sequence A and Sequence A financing rounds.
The enterprise agency invests in startups working in a wide-range of sectors and plans to proceed this technique and add extra areas of curiosity, mentioned Deepak Gaur, a managing director at Elevation Capital, in an interview with PJDM.
“Enterprise SaaS is one space the place we’re spending plenty of assets,” he mentioned. “We imagine the time has come for this sector and we are going to see many world firms emerge from India.”
Greater than 15 startups in Elevation Capital’s portfolio are projected to change into a unicorn within the subsequent few years, in response to Tracxn, a agency that tracks startups and investments in India. These embrace healthcare reserving platform PharmEasy, app-based platform to book home services Urban Company, insurance tech startup Acko, digital mortgage platform Capital Float, actual property property marketplace NoBroker and on-line market for gold Rupeek.
Quite a lot of SAIF Companions-backed startups, together with IndiaMART, MakeMyTrip and Justdial, have change into publicly listed firms, too.
Mukul Arora, a managing companion at SAIF Companions, mentioned that the state of the Indian startup ecosystem has modified for the higher previously decade. “A couple of years in the past, we have been seeing many startups replicate a overseas firm’s play in India. Right now, we’re seeing our concepts being replicated exterior of the nation. Somebody is constructing a Meesho for Brazil,” he mentioned.
The founders have additionally grown extra refined, mentioned Mayank Khanduja. Elevation Capital has over three dozen staff, with about two-dozen targeted on the funding measurement.
Elevation Capital’s new fund comes at a time when many established enterprise capital corporations have additionally closed their new funds for India in latest months. In July, Sequoia Capital announced two funds — totaling $1.35 billion in measurement — for India. A month later, Lightspeed raised $275 million for its third Indian fund. Accel late final yr closed its sixth fund in India at $550 million.
The entire LPs taking part in Elevation Capital’s new fund, as was the case with earlier funds, are U.S.-based, and the overwhelming majority of them are nonprofits, mentioned Adusumalli. With out disclosing any figures, he mentioned the agency’s earlier funds have carried out very effectively.
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