The funding includes $450 million in Main Fund IV and $150 million in additional managed commitments, one of the largest pools of capital available in the region, a senior company executive told ET.
The fund – which has backed companies such as Livspace, Moglix and CityMall – has total assets under management (AUM) of more than $1 billion.
The fund, which aimed to raise $350 million, was oversubscribed and exercised the green shoe option to raise more capital.
“About $450 million has been invested in new ventures and $150 million will go to follow-on investments to support a winning portfolio,” said Amit Anand, founding partner of Jungle Ventures.
Anand said the company’s existing backers had doubled their investments by contributing nearly 50% of the new fund, while the rest came from a new set of investors, including Mizuho Bank, StepStone Capital, des sovereign wealth funds and global family offices.
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Some of its existing investors include Temasek, IFC, FMO and DEG.
“India is likely to contribute 50% of the deal flow,” Anand said, adding that in his latest vintage fund, about 35% of capital entered India.
Founded in 2012 by Anand and Anurag Srivastava, Jungle Ventures was launched with an initial fund of $10 million. He then raised a third fund of $240 million in 2019, which has been fully deployed.
“We plan to roll out the new fund over the next 2-2.5 years. We will seek to support approximately 15-18 businesses. A larger fund helps us support our portfolio companies with more capital over multiple rounds,” he said.
It has already invested 10% of the capital in six companies of the new fund.
These include Timo (Vietnam’s first and leading digital bank), Sleek (Singapore-based back-office operating system for startups and SMEs), Atomberg (a D2C consumer electronics brand in India ), Medici (Vietnam-based healthcare and insurance platform), Desty (Indonesia-based social commerce enablement platform), Eveworld (Web-based social crypto-community platform3. 0 for women), Mio (Vietnam social commerce platform) and inFeedo (a SaaS employee experience platform helping global companies manage team culture and retention).
Some of its previous portfolio companies include Kredivo, Livspace and Moglix, BetterPlace, CityMall, LeapFinance, Turtlemint, among others.
Global funds such as Sequoia, Lightspeed Venture Partners,
and Venturi recently raised local funds to support Indian and Southeast Asian businesses.