Bessemer Venture Partners (BVP) on Tuesday announced the closure of a $220 million fund (about Rs 1,653 crore) in India to back the next generation of innovators in India.The fund will focus primarily on early-stage investments.
Bessemer plans to apply its roadmap-driven investment approach to deploy the new capital over five roadmaps across consumer internet and cloud software, including marketplaces, digital health, social commerce, vertical and global SaaS (software as a service), it added.
''This new capital allows us to go deeper into the market while continuing to support our portfolio with Bessemer's global network and resources. The dedicated fund exemplifies our confidence in the massive growth opportunities within India,'' Vishal Gupta, Partner and Managing Director of BVP's Bengaluru office, said.
Bob Goodman, Partner in Bessemer's New York office, said the India startup ecosystem is more vibrant than ever.
''We see a sizable market of India-based companies that will disrupt global markets and look forward to leveraging Bessemer's global platform, deep domain expertise and the insights our team has amassed over the past 50 years to help these founders navigate areas that are critical to building and scaling their business,” Goodman added.
In tandem with its India fund, the firm welcomed Nithin Kaimal as Chief Operating Officer of Bessemer's Bengaluru office, where he will oversee operations, portfolio services, and fund governance, the statement said.
''India represents a trillion-dollar digital opportunity across consumer internet and SaaS, as we predict 500 million more people will engage and transact online in the next 10 years. Through this new fund, we will continue to partner with the best entrepreneurs who are looking to build for this opportunity within India and beyond,” BVP Partner Anant Vidur Puri
The firm's track record in India includes multi-stage investments -- ranging from seed to Series-D -- in companies across industries. The partnership has realised seven IPOs within India, and has five companies within its portfolio valued at more than $1 billion.
(With PTI inputs)