Venture Highway raises $78.6m to fund early-stage Indian tech firms

Photo: Pixabay

Early-stage venture capital (VC) firm Venture Highway on Thursday said it raised $78.6 million for its second fund focused on technology seed investments in India.

Founded in 2015 by Samir Sood, the fund has investments by him and Neeraj Arora, former global business head at WhatsApp, who is an adviser and the founding anchor limited partner of the Mauritius-headquartered fund.

“A large part of the fresh raise will be used for new investments in about 30 early-stage tech companies over the life of this fund,” Sood said over the phone.

These include fintech startup OKCredit, mobile e-sports platform Mobile Premier League (MPL), door-to-door fuel delivery startup MyPetrolPump, supply chain Saas platform O4S and CityFurnish, online rental platform for furniture and consumer appliances.

The average cheque size for the second fund is expected to be $1 million Sood said. Venture Highway, which claims to be backed strong Silicon Valley investors, will partner with capital-efficient technology businesses.

“We are extremely passionate about helping advise technology entrepreneurs build their businesses with our local and global networks. Our goal is to give back to our country’s early-stage ecosystem and we continue to be extremely excited about the quality of the current generation of entrepreneurs building large businesses out of India,” Sood said.

Sood has previously worked at global technology firms such as Google, Microsoft and Cisco Systems.

Venture Highway’s first fund backed founders in startups such as reseller network Meesho and vernacular social network ShareChat, which are among the top 30 soonicorns in India. Some of its other early-stage investments have been in B2B industrial goods marketplace Moglix, social commerce startup WMall and fintech startup Wishfin.

This article was first published on livemint.com

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.