Mayfield closes $108M for second India-focused investment fund
Mayfield Fund announced that it has raised $108 million for its second India-focused fund. The company will use the money to back startups in the said country, according to TechCrunch.
Mayfield India II Management manages the Mayfield India II fund. Navin Chaddha, the managing director of the company, and partners James Beck and Vikram Godse are also included in the fund's management team. The fund is involved in early-stage investments in the Asian country. It usually invests $2 million to $8 million in tech, infrastructure, and consumer startups in the country, the report detailed.
Chaddha said: "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."
The Mayfield India team has backed more than 20 Indian startups in total. Of those companies, seven have gone public and five have been acquired by other firms, TechCrunch reported.