JSW Ventures marks the new fund’s first closure, eyes around ₹350 corpus

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JSW Ventures will write a $2-3 mn first check, followed by an additional $2 mn in rounds, says Gaurav Sachdeva. In August, JSW Ventures obtained market regulator, Securities and Exchange Board of India approval for the second fund

JSW Ventures, the start-up investment arm of the steel and energy conglomerate JSW Group, marked the first closure of its new fund, which aims to raise a total corpus of $350 crore, said a senior executive.

“We will place a first check of $2-3 million, followed by an additional $2 million in rounds, for 10-12 companies and plan to invest in four companies a year,” Gaurav Sachdeva said.

In August, JSW Ventures obtained market regulator, Securities and Exchange Board of India (Sebi) approval for the second investment. While the Jindal family fully backed its ~100 crore first fund in 2016, the latest fund is anchored by the Jindals with a 30 percent fund commitment. The rest are raised in a fund from limited partners or investors like high networth individuals, family offices and banks.

JSW is planning to invest in Series A rounds in those businesses that have already found product market fit and have on board a few investors including angels and incubators / accelerators.

While roughly a quarter of the new fund will be invested in software-as – a-service firms (SaaS), the rest will be deployed to platforms for business, healthcare and financial services, Sachdeva said.

“India’s large small and medium-sized enterprises (SMEs) / mid-market base helps SaaS enterprises suit the product market before they go global. A supportive VC ecosystem coupled with SaaS founders ‘ expertise in recognizing moats about moving costs, the ability to monetize data and the development of user interfaces is accelerating creativity for SaaS companies next round, “he added.

Related Article  US Private Equity King Carlyle Renounces Partnership Structure

JSW Ventures ‘ portfolio includes regional mobile operating system Indus OS, SaaS-based restaurant technology provider LimeTray; beauty products e-tailer Purplle; interior design company Homelane, and rehabilitated and pre-owned goods marketplace Overcart, which closed a few years ago.

While Purplle raised about $40 million last month from Goldman Sachs and Belgian investor Verlinvest, Homelane raised $30 million last month from Dubai-based private equity firm Evolvence India Fund (EIF) and Pidilite Group.

JSW Ventures also appointed a new partner in October last year, when Sachin Tagra joined them from media house Network18 Group, where he headed investments at Capital18, its startup investment arm.

(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.xtechalpha.com.)

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JSW Ventures marks the new fund’s first closure, eyes around ₹350 corpus

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