Investment firm WestBridge Capital has reportedly raised $1.5 billion to invest in Indian start-ups focusing on consumer technology, SaaS (software as a service) and fintech. This news comes as a silver lining when investors have become increasingly wary about investing in the ongoing winter phase that the industry is experiencing. Investment in Indian tech start-ups fell by about 17 per cent to $6 billion in April-June 2022 owing to macroeconomic slowdown, according to a Nasscom report.
Moneycontrol reported this development first, adding that the funds raised will be a part of WestBridge Capital’s crossover fund. The newest fund, WestBridge Capital’s largest-ever for India-focused companies, is being introduced when its assets under management (AUM) in the country reportedly crossed $10 billion, the news report claimed.
The company’s Advisory Principals, Sumir Chadha and Sandeep Singhal, have a deep history of investing in India over the past two decades. It has identified and invested in multiple Indian businesses across public and private markets, including unicorns like LeadSquared, PhysicsWallah and Vedantu.
Its typical investment ranges from $25 million to $200 million, often resulting in a substantial minority equity ownership, second only to the founder in many cases. According to WestBridge, it has invested over $ 5.6 billion in over 120 companies, along with other investors.
Founded in 2000, WestBridge Capital merged with Sequoia Capital six years later and raised three funds. Its recent investments include prop-tech start-up PropShare, Bike-taxi platform Rapido and accounting platform Vyapar.