Over the last three years, Lightspeed India has invested in some of the fastest growing startups in India, including Oyo, Byju’s, Udaan and ShareChat, whose combined valuation is currently pegged at $8.5 billion
The company is planning to invest in technology-based start-ups, particularly those in the fintech and software-as-a-service space.
IDG Venture’s move is as part of a broader strategy to move away from the global brand and appeal more to entrepreneurs in India.
These social startups are riding on the user bases of platforms like WhatsApp to build e-commerce solutions for the next 200-300 million users in India.
Helo has spent more than $20 million over the past quarter in order to achieve its fast growth.
Mithril Capital, co-founded by legendary Silicon Valley investor Peter Thiel and Ajay Royan, led the funding round.
Instamojo had raised an undisclosed amount in pre-Series B funding from Japanese payments firm AnyPay last August.
Existing investors Matrix Partners India, Stellaris Venture and angel investors also participated in the funding round.