The Mayfield Fund has closed its second dedicated India fund with the equivalent of $108 million in commitments. The firm makes early-stage investments in India, targeting companies in the infrastructure sector, tech and tech-enabled services and the consumer middle class. Mayfield raised $111 million for its first India fund in 2008. However, Managing Director Navin Chaddha told peHUB that because the rupee has depreciated in value over the years, the rupee-denominated second India fund is actually 25% larger than its predecessor. Currently, $1 is equal to about 62 rupees. Mayfield is one of a handful of U.S.-based firms with dedicated funds in India, such as Accel Partners and Sequoia Capital. Sequoia Capital India, which is independent of U.S.-based Sequoia, has registered to raise its fourth Indian fund targeted at $600 million. Other firms, such as Canaan Partners, New Enterprise Associates and Norwest Venture Partners, invest in India from a general fund. Chaddha told pehub that Mayfield is still investing from its first India fund and expects to start investing from the new vehicle in a couple of months.
Mayfield Raises Second Dedicated $108 Million India Fund
Menlo Park, Calif. February 19, 2014 — Mayfield today announced the closing of a $108 million venture capital fund, Mayfield India II, its second dedicated India fund. Mayfield India II is managed by Mayfield India II Management, including members Navin Chaddha, Vikram Godse, and James Beck, and advised by MF Advisors, including member Nikhil Khattau.
Mayfield follows an early-stage venture capital strategy in India, and invests between $2 million and $8 million in companies targeting the infrastructure sector, tech and tech-enabled services and the consumer middle class.
“We sincerely appreciate the confidence of our limited partners in our team and strategy,” said Navin Chaddha, Mayfield Managing Director. “While the macro-economic climate has varied since we started investing in India in 2006, we have learned that India continues to present valuable opportunities to technology and non-technology investors. Two of our key takeaways are that tech-enabled infrastructure solutions can create great value and lifestyle and entertainment products aimed at the consumer middle class can grow into universal brands. In addition, we believe that mobile companies aimed at the 700 million mobile users and tech and tech-enabled services represent the future in India.”
Some of Mayfield’s current investments in India include Amagi Media, Centum Learning, Genesis Colors, India Property, Matrimony.com, Securens Systems, Sohanlal Commodity Management, Tejas Networks, and The Beer Café.
Mayfield is a global, early-stage venture capital firm with over $2.6 billion under management. During its 44-year history, the firm has invested in more than 500 companies, of which 112 have gone public and over 150 have merged or been acquired. The Firm is currently deploying Mayfield XIV, a $365 million U.S. fund, and Mayfield India I, a $111 million dedicated India fund, and partners with GSR Ventures to invest in China. Mayfield invests in the consumer and enterprise IT sectors in the U.S. Recent successes include Qunar (NASDAQ: QUNR), Marketo (NASDAQ: MKTO), SolarCity (NASDAQ: SCTY), Zenprise (acquired by Citrix), and StorSimple (acquired by Microsoft). Previous successes include 3COM, Amgen, Compaq, Citrix, Genentech, LSI Logic and Sandisk. For more information, visit www.mayfield.com