“They have been able to raise capital from a few large investors and have managed get about half of the capital they are targeting,” said one of the sources quoted in the report.
An email sent to Venture Highway did not elicit a response till the time of publishing.
Founded by former Google executive Samir Sood, the Delhi-based company has invested in around 18 companies so far, including vernacular social network Sharechat, reseller network Meesho, research firm Tracxn, and bot prevention firm ShieldSquare, according to its website.
One of the sources cited in the news report said that Venture Highway’s strategy will be to invest in early-stage startups in the country, especially at the seed and Series A stages.
While early-stage investments in the country have tapered over the last one year, venture capital firms are still piling up the dry powder.
Recently Delhi-based early-stage investor WaterBridge Ventures reached the final close of its maiden venture capital fund at $30 million. Prior to that, Bengaluru-based venture capital firm 3one4 Capital closed its second fund with commitments for $39 million while pi Ventures marked the second close of its $30-million maiden fund at $25 million.