US-based venture capital firm Lightspeed Venture Partners has mobilised $135 million for its first India-dedicated fund as it eyes the fast growing Indian startup ecosystem.
Lightspeed has been investing in India from its global fund, but now joins the likes of investors such as Accel, Sequoia, Mayfield and Matrix to have an India-focused vertical.
The fund will be called Lightspeed India Partners I, LCC and attracted 24 investors. Earlier, the firm had said it was trying to raise a smaller amount of $115 million for its India specific fund.
Lightspeed’s recent investments include the $100 million funding of OYO Rooms led by SoftBank and investment in Bangalore-based hyperlocal startup Townrush.
The company best known for its early bet on Snapchat has so far invested in a dozen Indian firms and typically invests in seed/pre Series A and early VC rounds.