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Swiggy backer Norwest Venture Partners raises $3 bn global fund

VCCircle

VCCircle · 1y ago

Swiggy backer Norwest Venture Partners raises $3 bn global fund

Global venture capital firm Norwest Venture Partners has raised $3 billion for its new fund, NVP 17. The fund will be deployed in the US, India, and Israel to support visionary entrepreneurs and companies. Norwest's investment strategy spans across various stages, with ticket sizes ranging from $10 million to $30 million for early and mid-stage companies, and $20 million to $100 million for growth equity stages. The firm has been investing in India since 2009 and has a portfolio of 23 active companies in sectors like financial services, technology, consumer goods, and healthcare.

Related News

Norwest Closes 17th Fund At $3 Bn

Inc42 · 1y ago

Norwest Closes 17th Fund At $3 Bn

Norwest Venture Partners has closed its 17th fund at $3 billion, which will be used to invest in startups across sectors such as enterprise tech, consumer, and healthcare in India, Israel, and the US. The firm has backed 43 Indian companies since 2009, including Amagi, Mensa Brands, Swiggy, and Xpressbees. Nikhil Kookada and Ankit Prasad have been promoted to principals at Norwest's India arm. The fund follows the $3 billion Norwest Venture Partners XVI fund raised in 2021. Norwest has invested in over 700 companies and manages more than $15.5 billion in capital.

India lacks innovative AI ventures with $100-bn potential: Accel

Inshorts · 11m ago

India lacks innovative AI ventures with $100-bn potential: Accel

Accel, the first institutional backer of Flipkart and Swiggy, has closed its eighth India-focused fund at $650 million, taking its total assets under management in the country to over $3 billion. However, the firm voiced concerns about lack of innovation-led AI ventures in India, cautioning that the country risks missing out on creating $100-billion global companies in the AI space.

European PE investor CVC Capital closes sixth Asia-focussed fund at $6.8 bn

VCCircle

VCCircle · 1y ago

European PE investor CVC Capital closes sixth Asia-focussed fund at $6.8 bn

Luxembourg-based private equity firm CVC Capital Partners has closed its sixth Asia-focused fund, the CVC Capital Partners Asia VI Fund, at $6.8 billion, 50% more than its predecessor. The firm has raised a total of $21 billion for investments in Asia. The fund will target control, co-control, and partnership investments in consumer and services sectors across Asia. CVC has been active in the region since 1999 and has made over 80 acquisitions in Asia. The firm is also a backer of several Indian platforms, including the IPL team Gujarat Titans and oncology chain Healthcare Global.

Celebal Tech kicks off Series B round with 2X valuation jump

Entrackr

Entrackr · 7m ago

Celebal Tech kicks off Series B round with 2X valuation jump

Celebal Technologies, an IT Service provider, is set to raise Rs 125 crore (around $14.7 million) in its Series B round led by InCred Growth Partners Fund with the participation of existing backer Norwest Venture Partners. In June last year, Celebal Tech raised Rs 80 crore in debt from BlackSoil, following its $32 million Series A funding round in November 2022. According to regulatory filings accessed from the Registrar of Companies (RoC), Celebal Technologies’ board has approved a resolution to issue 1,04,000 Series B CCPS at an issue price of Rs 12,019 each to raise the sum. InCred Growth Partners Fund will lead the round with an investment of Rs 80 crore ($9.4 million), while Norwest Venture Partners will contribute Rs 45 crore ($5.3 million) to increase its stake in the company. The filing further mentioned that the proceeds from this round will be used to expand the company’s business operations, meet working capital needs, and support general corporate purposes. Founded in 2015, Celebal Technologies is a software services firm focused on digital transformation using generative AI, machine learning, cloud integration, and app modernization. It serves clients across the USA, India, APAC, UAE, Europe, and Canada. Following the allotment of this round, the Jaipur-based company’s valuation nearly doubled to Rs 1,795 crore or $211 million, as per Entrackr’s estimates. According to startup data platform TheKredible, Norwest Venture Partners will hold the largest external stake in the company at 28.83%, while new investor InCred will hold a 4.46% stake. In the fiscal year ended March 2024, Celebal Tech reported 43% year-on-year growth in operating revenue to Rs 275 crore. However, its losses ballooned to Rs 60 crore from Rs 1.3 crore. Notably, the Norwest Ventures-backed firm was profitable in FY22, posting a Rs 21.6 crore profit.

Avataar Ventures scores big in exit from Opportunities Fund portfolio

VCCircle

VCCircle · 1y ago

Avataar Ventures scores big in exit from Opportunities Fund portfolio

Avataar Venture Partners, a growth-stage and tech-focused venture capital firm led by former executives of Norwest Venture Partners and Freshworks Inc, has successfully exited from its investment in the Opportunities Fund portfolio. The exit is expected to deliver strong profits for Avataar Venture Partners, strengthening its position as a prominent player in the market. The VC firm has been actively raising funds to support its investment activities.

Norwest, Poonawalla fund invest in Power Exchange India

VCCircle

VCCircle · 8m ago

Norwest, Poonawalla fund invest in Power Exchange India

Norwest Venture Partners and the Poonawalla Vision Fund have acquired a minority stake in Power Exchange India, a power trading company promoted by the National Stock Exchange (NSE) and National Commodity & Derivatives Exchange (NCDEX). The consortium, led by Norwest, includes a 5% stake acquisition. This investment highlights growing interest from venture capital and equity funds in India's evolving power trading sector, aiming to support the expansion and innovation within the industry.

Swiggy files updated prospectus, to raise Rs 3,750 crore

Economic Times

Economic Times · 1y ago

Swiggy files updated prospectus, to raise Rs 3,750 crore

Food delivery company Swiggy has submitted an updated prospectus for its initial public offering (IPO), consisting of a fresh capital raise of Rs 3,750 crore and an offer for sale of 185.3 million shares. The IPO has received approval from the Securities and Exchange Board of India. Investors such as Prosus, Accel, Norwest Venture Partners, Tencent, Elevation Capital, and Alpha Wave Global will sell part of their stakes in the IPO, while SoftBank will not be selling any shares.

Tiger Global plans $2.2 Bn venture fund

Entrackr

Entrackr · 16d ago

Tiger Global plans $2.2 Bn venture fund

Tiger Global plans $2.2 Bn venture fund Tiger Global Management is planning to raise a smaller venture capital fund as it shifts back to its earlier investing approach. According to a Bloomberg report, the New York based investment firm is looking to raise about $2.2 billion for its new fund, a sharp reduction from the much larger vehicles it raised during the market boom. The new fund, internally referred to as PIP 17, will be similar in size and structure to Tiger Global’s earlier funds. This marks a departure from the firm’s previous two venture funds, which raised $6.7 billion and $12.7 billion respectively. In 2023, a Financial Times report said that Tiger Global Management had raised $2.7 billion for a new fund, citing filings with the US Securities and Exchange Commission. However, no further updates were disclosed after that. According to the Bloomberg report, Tiger Global said in a letter to investors that the upcoming fund will focus on a more selective investment strategy and a slower deployment pace. In 2025 so far, the firm has made nine new investments after reviewing hundreds of potential opportunities. Founder Chase Coleman and other Tiger Global insiders are expected to be the largest investors in the fund, which is scheduled to hold its first close on March 18, according to the report. The firm added that its strongest historical performance came from a smaller scale and more disciplined investment approach. In India, Tiger Global has backed only four companies namely Infra.Market, Captain Fresh, Infinite Uptime, and EatClub. Notably, all these were follow-on investments where the firm was already an existing backer. Even in 2024, Tiger Global made just two investments in Wiz Freight and Jupiter’s NBFC arm, both of which were also as an existing investor. According to Fintrackr data, Tiger Global backed over 50% of the startups that attained unicorn status in 2021. In 2022, its portfolio companies including DealShare, Oxyzo, Games24x7, Polygon, and Open also entered the unicorn ranks.

Swiggy packs an IPO lunch for Instamart

Livemint

Livemint · 1y ago

Swiggy packs an IPO lunch for Instamart

Food delivery firm Swiggy plans to use most of the funds raised from its upcoming IPO to expand its quick commerce service, Instamart, according to an anonymous source. While existing investors Prosus Ventures, Norwest Venture Partners, and Goldman Sachs may sell some of their shares in the $1.25 billion IPO, SoftBank is expected to retain its stake. Swiggy aims to double its network of dark stores serving groceries and home essentials with the additional funds. The IPO is expected to open in November and Swiggy is targeting a valuation of around $15 billion.

Vridhi Home Finance raises Rs 310 crore in fresh funding from Norwest, existing investors

Economic Times

Economic Times · 1y ago

Vridhi Home Finance raises Rs 310 crore in fresh funding from Norwest, existing investors

Vridhi Home Finance, a housing finance company, has raised Rs 310 crore in equity funding. The funding comes from Norwest Venture Partners, Elevation Capital, and the company's founders. Vridhi plans to use the funds to expand its distribution network, strengthen risk management practices, and enhance its technology backend. The company focuses on serving small towns and offers home loans ranging from Rs 3 lakh to Rs 45 lakh. Vridhi aims to become the preferred financier for underserved self-employed and informal income customers.

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