1947 Tech 🇮🇳: 195
Lightspeed India is doubling down
1. Lightspeed India Partners, investor in Byju’s, Udaan and Ula, eyes over $500 million for new fund
Lightspeed India Partners is looking to raise over $500 million for its fourth fund as one of the most successful venture funds in the world’s second largest internet market looks to double down on early-stage bets and expand focus to Southeast Asia region, according to two people familiar with the matter.
The firm — whose portfolio includes edtech giant Byju’s, budget hotel chain Oyo, e-commerce Udaan, social media app ShareChat, HR tech DarwinBox, jobs platform Apna and Indonesia’s e-commerce Ula — has received inbound interest to raise over $1 billion, but it is likely to close the fund at slightly over $500 million, one of the sources said.
The ongoing deliberations for the new India fund is part of the global group Lightspeed Venture Partners’ push to raise about $6 billion for a number of its funds, the source said. The India fund is expected to close within the next three to four months, the source said, requesting anonymity as the matter is private. Lightspeed raised $4 billion for several of its funds two years ago.
At $500 million or more, Lightspeed India Partners’ fourth fund will be its largest to date. The firm, which has been operating in India for over a decade and unveiled its first country-specific fund in 2015, closed its third fund at $275 million in 2020.
2. Lightspeed may invest in Razorpay’s $100 million secondary share sale
Digital payments major Razorpay is stitching together an $80–100 million secondary share sale transaction, which will see new investors including Lightspeed Venture Partners join the company’s cap table, sources briefed on the matter said.
Bengaluru-based Razorpay which was valued at $7.5 billion after a $375 million funding round in December last year, is likely to close the secondary deal in the coming weeks.
The startup’s angel investors, employees and some other investors are offloading shares in what could be one of the company’s largest secondary sale deals since it was founded. In a secondary share sale, new investors buy shares from existing investors but the money doesn’t go to the company.
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