Indian VC firm WaterBridge Ventures said to seek around $75m for new fund

Delhi. Photo by Fancycrave.com from Pexels

Indian early-stage venture capital firm WaterBridge Ventures is looking to raise around $75-100 million for its second fund, according to industry sources.

Early last year, the Delhi-based investment firm had made the final close of its maiden fund at $30 million (about Rs 200 crore).

WaterBridge was founded by private equity veteran Manish Kheterpal in 2015, with the aim of investing in early-stage startups. It has invested in around 14 companies so far, including online real money gaming firm 9stacks, fintech startup Ziploan, consumer medical financing company letsMD, and business intelligence solutions provider Dataweave, among others.

WestBridge declined to comment on its fundraising plans.

Last year, it scored its first exit from online education startup Unacademy after selling its stake in the Bengaluru-based startup to Sequoia Capital, SAIF Partners and Nexus Venture Partners. WaterBridge is reported to have earned internal returns of close to 150 per cent and reaped five times its investment in the company. It had invested $1 million in the company in 2016.

A number of India-focused early-stage investors are in the market to raise funds, including Blume Ventures, India Quotient, Fireside Ventures, Ankur Capital and Unitus Ventures.

DEALSTREETASIA recently reported that India and Southeast Asia-focused early-stage investment firm DSG Consumer Partners is seeking to raise around $50 million for its third venture capital fund. Bengaluru-based investor 3one4 Capital is likely to hit the markets for another new fund, close on the heels of its recently announced $50-million growth fund.

Many venture capital firms have reached major milestones in their fundraising efforts recently. Last year, Sequoia Capital India closed its sixth fund at $695 million targeting early- and growth-stage investments across India and Southeast Asia (SEA), while Matrix Partners raked in over $300 million for its latest fund.

According to a recent Preqin report, a record 125 India-based funds are in the market as of January 2019, seeking to raise a giant total of $18 billion from investors. Last year, 26 funds secured $3.3 billion in aggregate commitments.

“This growth has accelerated since 2015, spurred by strong fund-raising momentum: 2015 set a fund-raising record for the country, only for 2017 to surpass it, and annual capital totals have exceeded $2 billion in the past four years,” the report added.

Fundraising has been spurred by a virtuous cycle of strong distributions from PE and VC funds driving investor appetite and reallocations. India-based PE and VC funds have returned more capital to investors than they called up in each year since 2014.

Also Read:

WaterBridge exits Unacademy at 150% IRR

India: WaterBridge Ventures closes maiden VC fund at $30m

India: WaterBridge Ventures hits $7m first close, targets up to $15m corpus

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.