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.