New capital to go deeper into the Indian market, says Gupta
Globally-connected Bessemer Venture Partners has closed a dedicated US$220 million fund in India to focus primarily on early-stage investments, consistent with Bessemer’s time-honored approach of starting with seed and Series A investments and sticking with companies throughout their growth lifecycle with later stage investments.
Bessemer plans to apply its roadmap-driven investment approach to deploy the new capital over five roadmaps across consumer internet and cloud software, including marketplaces, digital health, social commerce, vertical and global SaaS.
These roadmaps take a deep look at industries to identify emerging areas and understand the complexities behind the sectors.
“We’ve always had a global investment approach and India has long been a focus for us. This new capital allows us to go deeper in the market, while continuing to support our portfolio with Bessemer’s global network and resources. The dedicated fund exemplifies our confidence in the massive growth opportunities within India,” Vishal Gupta, Partner and Managing Director of the firm’s Bangalore office, said in a release on 29 Nov 2021.
“We are excited to not only continue supporting the many companies with whom we already partner, but to expand our investments to even more innovative entrepreneurs who are shaping the future,” he said.
“As we look at where innovation is stemming worldwide, it’s clear that the India startup ecosystem is more vibrant than ever,” added Bob Goodman, Partner in Bessemer’s New York office.
“We see a sizable market of India-based companies that will disrupt global markets and look forward to leveraging Bessemer’s global platform, deep domain expertise and the insights our team has amassed over the years to help these founders navigate areas that are critical to building and scaling their business,” elaborated Goodman.
In tandem with its India fund, the firm welcomed Nithin Kaimal as Chief Operating Officer of Bessemer’s Bangalore office, to oversee operations, portfolio services and fund governance.
Kaimal brings nearly 20 years of expertise across private equity, management consulting and startups, and joins Bessemer from VixCap, an investment management firm he founded and led. Prior to VixCap, Kamal was senior director at India Resurgence Fund (IndiaRF), a leading India-focused investment platform, and began his career at McKinsey & Company.
“Nithin joins at a time of incredible growth in the market and brings deep operational expertise that will be invaluable as the firm’s focus within India grows even stronger,” Bessemer Partner Anant Vidur Puri said.
“India represents a trillion dollar digital opportunity across consumer internet and SaaS as we predict 500 million more people will engage and transact online in the next 10 years. Through this new fund we will continue to partner with the best entrepreneurs who are looking to build for this opportunity within India and beyond,” Puri said.
Bessemer first invested in India 15 years ago and has had a dedicated team of investors on the ground ever since. The firm’s track record in India includes multi-stage investments, ranging from seed to Series D, in market-leading companies that are reshaping industries, such as: PharmEasy (pharmacy benefits), BigBasket (online grocery), Swiggy (food delivery), Urban Company (home services) and Perfios (credit underwriting platform).
The partnership has realized seven IPOs within India including Home First Finance, IEX and Matrimony.com, and today has five companies within its portfolio valued at more than US$1 billion, including Livspace (home interior platform) and MyGlamm (direct-to-consumer beauty).
Raising dedicated capital focused on investing in early stage opportunities in India supports the firm’s belief that innovation is borderless and continues its mission of positioning team members across the globe, including in Bangalore, Beijing, Boston, London, New York, Silicon Valley, San Francisco and Tel Aviv.
Bessemer Venture Partners helps entrepreneurs lay strong foundations to build and forge long-standing companies. With more than 135 IPOs and 200 portfolio companies in the enterprise, consumer and healthcare spaces, Bessemer supports founders and CEOs from their early days through every stage of growth.
Bessemer’s global portfolio includes Pinterest, Shopify, Twilio, Yelp, LinkedIn, PagerDuty, DocuSign, Wix, Fiverr and Toast and has $9 billion of capital under management. Bessemer has teams of investors and partners located in Tel Aviv, Silicon Valley, San Francisco, New York, London, Boston, Beijing and Bangalore. Born from innovations in steel more than a century ago, Bessemer’s storied history has afforded its partners the opportunity to celebrate and scrutinize its best investment decisions (see Memos) and also learn from its mistakes (see Anti-Portfolio). #technology #investment /fiinews.com
