LC Nueva Investment Partners, a partnership between Singapore headquartered Lighthouse Canton and Delhi based Nueva Capital, announced that it has achieved a first close of INR224.8Cr / USD$30Mn on its venture capital (VC) fund, LC Nueva AIF.
“India’s private market has been growing exponentially – a robust ecosystem that we are proud to be working closely with our investors and founders alike to mobilize capital for purpose.” Commented Sumegh Bhatia, Chief Executive Officer and Managing Director for LC Capital India, the Indian arm of Lighthouse Canton. “We have had a strong reception from our global investors for the fund since it was launched in February and we are targeting to raise INR 300Cr / USD$40Mn in total. We have partnered with Nueva Capital on this strategy, and the investment team consists of private equity industry veterans Sohil Chand and Ashish Chand. Their in-depth knowledge in both investments and the Indian startup scene is what makes this fund so unique.”
Sohil Chand is founding partner and chief investment officer for LC Nueva AIF. He was previously head of India for Norwest Venture Partners, a USD$10Bn global early to late-stage venture and growth equity investor, and earlier helped set up the private equity business for Goldman Sachs in India. The industry veteran has sizeable deal experience with key investments in National Stock Exchange, Thyrocare, Snowman Logistics, IRB Infrastructure, Swiggy, Cremica, OnMobile, and more.
Commenting on the Fund’s strategy and investment approach, Sohil said, “We have strong conviction in the startups we are empowering, and hence 25% of LC Nueva AIF’s fund commitment will come directly from the sponsors. Together with Lighthouse Canton, we are investing in ambitious future winners, scaling the vision of these emerging businesses to shape the future of India’s startup ecosystem. We are excited to be working with Lighthouse Canton and their international network of investors and partners, to give Indian startups the necessary step up and spotlight they deserve on the global stage.”
Over the Fund’s 8-year lifespan, LC Nueva AIF will invest in 25 – 30 Indian companies at the pre-series A and series A stages. The investment committee’s approach is sector-agnostic, with a proclivity towards health-tech, consumer-tech, fintech & education-tech businesses, steering clear of capital-intensive businesses. A sizable part of the fund will be reserved to back the winners in the subsequent rounds, the statement said.
