Multi-stage investment firm SAIF Partners India, one of the most prolific investors in the country, has hit the market to raise a new India-dedicated fund of $400 million, according to its filing with the US Securities and Exchange Commission.
The new fund, SAIF Partners India VII Ltd, is $50 million more than the previous fund, which closed in 2017 at $350 million. The firm, which invests at multiple stages starting from seed, has total assets under management of $3 billion with at least 100 companies in its portfolio.
In 2015, SAIF Partners had closed SAIF Partners India V at $350 million.
The VC firm has been investing in India since 2001. It specialises in private equity and venture capital across Asia with a focus on areas including IT-ITeS, industrials, financial services, Internet, consumer products, and mobile, among others.
It counts online travel firm MakeMyTrip, local search platform Just Dial Ltd, and mobile commerce platform Paytm among its successful investments.
SAIF Partners started out as SoftBank Asia Infrastructure Fund in 2001 with a $400-million fund in which US networking giant Cisco Systems Inc. was the sole limited partner and Japan’s SoftBank Group was the general partner.
In an interview with Mint in August, Deepak Gaur, partner at SAIF Partners, said the firm is bullish more than ever on early-stage investing and had already doubled its investments this year compared to 2019.
The firm has also seen renewed focus in categories like edtech, telemedicine, direct-to-consumer brands, and online entertainment platforms during the COVID-19 pandemic.
Recently, SAIF backed the $40-million pre-Series E funding round in Mohalla Tech, operator of social networking and content platform ShareChat. It also reinvested in SaaS startup SenseHawk, which raised $5.1 million in a Series A funding, and participated in $4.1-million seed round funding in Momentum, another SaaS startup.
SAIF’s latest filing was signed by managing partner Ravi Adusumalli, who joined SAIF in 2002.