Kalaari Capital, the initial investor in online marketplaces like Myntra and Snapdeal, is raising $275 million (Rs 1,750 crore) for two new funds.Besides, the company is joining the industry three years after it last raised funds for investing in Indian s
Kalaari Capital, the initial investor in online marketplaces like Myntra and Snapdeal, is raising $275 million (Rs 1,750 crore) for two new funds.Besides, the company is joining the industry three years after it last raised funds for investing in Indian startups.
The Bengaluru-based venture capital firm, which between October and March invested $1-2 million each in more than half a dozen firms, is garnering ammunition to participate in startups' later-stage capital-raising rounds.
Kalaari's fund search will add to the venture capital fundraising that is expected to reach a record high in India this year. More than a dozen Indian VC firms are on the road to raise around $3 billion in 2015, shows data collated by ET. SAIF Partners and Accel Partners have already announced the final close of their new India funds.
Kalaari is raising $200 million for its third venture capital fund, Kalaari Capital Partners III, successor to the $160-million fund it raised in 2012. It is raising another $75 million for Kalaari Capital Partners Opportunity Fund, the firm said in filings with US markets regulator Securities and Exchange Commission last week. It listed managing directors Rajesh Raju and Vani Kola as the promoters of the new funds.
Raju declined to comment on the new fund-raising.
Overall, Kalaari, which began operations in 2006 as IndoUS Venture Partners, has so far raised $350 million for Indian startups. Some of its recent investments were in online legal services firm Vakil Search, sports fantasy platform Dream11 and social media management tool Crowdfire.
Last year, Kalaari sold a part of its investment in Snapdeal for $100 million, establishing its credentials with limited partners, or investors in VC funds, for its ability to return capital. Its remaining stake of around 10 per cent in the online marketplace is worth at least $500 million.
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