India-focused VC firm Leo Capital set to float third fund with $125m target corpus

Photo: Pixabay

Singapore headquartered early-stage venture firm Leo Capital is set to launch its third fund with a corpus of $125 million to chase investment opportunities in India, per a company announcement.

Over the past three years, Leo Capital has raised $106 million for two funds seeking technology-centric opportunities in India and Southeast Asia. The fund has made 32 investments since 2018 and exited two. Moreover, twenty of the investments have gone on to raise further rounds.

Established by Rajul Garg and Shwetank Verma in 2017, Leo Capital investments in India include cloud-based testing platform Lambdatest, online road transport marketplace Vahak, diabetes management startup BeatO, gold-focused digital alternative credit platform indiagold, and gaming platform Bombay Play.

“As a team, we’re well versed on the early-stage signals that matter and are able to quickly engage in opportunities and be the first to write seed-stage cheques for these businesses which we know have the right team and plan to scale. We pride ourselves on our track record of having helped build category-leading technology companies multiple times,” Garg said.

“It’s our approach that drew global investors into our first two funds and we quickly became a beacon for investors in the US, Europe and Japan when they first started to internationalise their venture investments. We have feet on the ground and courtesy of our long careers here we are very familiar with the ecosystem,” he added.

Garg has been a serial entrepreneur for over two decades and also founded Pine Labs, GlobalLogic, and Sunstone Education.

Leo Capital said it is focused on two investment themes. One, technology-based India domestic consumption startups – consumer internet, commerce, healthtech, logistics, edtech, fintech, insurtech etc. Two, global technology companies from India that are SE Asia centric or global SaaS companies.

Since 2014, over 6,500 Indian startups have raised over $81B in funding and this is growing exponentially year on year. This includes 66 startups that are in the unicorn club, whose combined valuation is $210 billion. This number is set to reach 100 startups by 2023, Leo Capital said in the statement.

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.