Mayfield Fund has announced that it has closed its second India-focused fund, totaling $108 million raised to invest in startups in the region.
Mayfield India II is managed by Mayfield India II Management, including the firm’s managing director Navin Chaddha, and partners Vikram Godse, and James Beck. The fund itself focuses on early-stage investments 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 in the country.
“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,” Chaddha explained. “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.”
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. In total, the Mayfield India team has invested in over 20 Indian companies in the past, of which seven have had IPOs and another five have been acquired. It seems that the first fund has seen success; Mayfield India I totaled $111 million, raised in 2008.
Mayfield also raised $365 million for its last main fund, XIV, in 2012 and currently has $3 billion under management.
Accel Partners also operates an India-focused fund.