Monday, August 17, 2020
Redmi Note 9 Pro to Go on Sale in India Today via Amazon.in, Mi.com
Drones to fly over 70% of country under Digital Sky watch
Lightspeed raises $275 million fund for India
Lightspeed India Partners on Tuesday announced it has closed $275 million from LPs for its third fund as the top American venture firm looks to ramp up its investments in the world’s second-largest internet market.
The new fund, its biggest for India, will enable Lightspeed India Partners to make early stage bets on more than two dozen startups in the region, said Hemant Mohapatra, a partner at the firm, in an interview with TechCrunch.
The announcement comes as the firm, which began investing in India in 2007, has made two high-profile partial exits in the past year from budget-lodging startup Oyo and edtech giant Byju’s that together delivered returns of more than $900 million.
Some of its other major bets including backing business-to-business marketplace Udaan, which was valued at more than $2.75 billion last year, local social media platform ShareChat, which is in advanced stages of discussions to raise capital at more than $1 billion valuation, and SaaS startups DarwinBox, Yellow Messenger, and OkCredit.
The firm, which has six partners in the region, closed its first dedicated fund for India, of $135 million, in 2015. In 2018, it closed its second fund for the region, which was $175 million in size. But the venture firm has invested more than $750 million to date.
The Indian arm, which typically invests at early stages of a startup, continues to work with its global mothership for writing bigger checks to support some portfolio startups at later phases. (More than 80% of its investments have been committed to firms at Seed or Series A stages in India.)
“That’s one of the strongest points of differentiation we have. There are not many venture firms that have such a global presence. Our synergy with the global fund will continue,” said Mohapatra. (Lightspeed also has a big presence in China. Last year, its China arm announced a $560 million fund.)
Lightspeed partners in India. From left: Bejul Somaia, Akshay Bhushan, Harsha Kumar, Dev Khare, Vaibhav Agrawal, and Hemant Mohapatra. (Photo credit: Lightspeed)
Lightspeed, which earlier this year closed a $4 billion fund globally, is one of the handful of American venture firms that aggressively scouts for deals in India. Sequoia, its global peer, announced two venture funds, of $1.35 billion in size, last month for India and Southeast Asia. 11 of its early-stage bets have grown to become unicorns in the last 14 years in this region.
Mohapatra said the Indian startup ecosystem has matured in recent years, demonstrating high-scale growth and delivering big outcomes. It’s also seeing more exits than ever before. Earlier this month, Byju’s acquired WhiteHat Jr., an 18-month-old startup that teaches coding to children, for $300 million in an all-cash deal.
Indian startups raised more than $14.5 billion last year — a record for the local community. The coronavirus has decelerated the funding spree in India, like in any other market.
Mohapatra said a fraction of the firm’s portfolio startups has been disrupted by the virus, but noted that most startups are marching ahead unfazed and some have accelerated in recent months.
“Lightspeed believes this is when the best entrepreneurs and companies of the future will emerge. Strong founders are utilizing the tailwinds of India’s digital ecosystem growth to build out a new future and Lightspeed is strongly committed to backing these founders,” it said in a statement.
Sources: Epic has reached out to other tech companies, including Spotify, about forming a coalition of companies critical of Apple's App Store policies (The Information)
Sources: Epic has reached out to other tech companies, including Spotify, about forming a coalition of companies critical of Apple's App Store policies — Epic Games, the videogame maker that started a daring legal brawl with Apple last week, is hoping to organize wider opposition to the tech giant.
Realme C15, Realme C12 India Launch Today: How to Watch Livestream
Poco M2 Pro To Go on Sale Today at 12 Noon Via Flipkart
JD.com reports Q2 revenue of $28.5B, up 33.8% YoY, net revenue of $9.1B from merchandise sales; announces $830M+ investment into JD Health by Hillhouse Capital (Isabel Wang/Pandaily)
JD.com reports Q2 revenue of $28.5B, up 33.8% YoY, net revenue of $9.1B from merchandise sales; announces $830M+ investment into JD Health by Hillhouse Capital — China's e-commerce and supply chain company JD.com (NASDAQ: JD and HKEX: 9618) Monday posted strong earnings results …
Sunday, August 16, 2020
Samsung Galaxy S20 FE 5G Alleged Renders Show Triple Rear Cameras,Flat Screen
Moto E7 Plus Tipped to Feature Snapdragon 450 SoC, 48-Megapixel Main Camera
Epic Games Wins Support From Fortnite Gamers, Firms on Apple Standoff
WhatsApp Gives a Brief Look at Dedicated Sticker Search in Latest Beta
Google Slams Australia Law Forcing Tech Giants to Pay for News
Facebook Merges Instagram and Messenger in Latest Update: Report
Trump Orders TikTok Parent to Divest Interest in US Operations Within 90 Days
Facebook Accused of Favourable Treatment of BJP by Congress
Sources: the US State Department ordered embassies to push back against foreign influence campaigns, as officials worry anti-US views are taking root worldwide (New York Times)
New York Times : Sources: the US State Department ordered embassies to push back against foreign influence campaigns, as officials worry ...
-
The first project we remember working on together was drawing scenes from the picture books that our mom brought with her when she immigrate...
-
Sohee Kim / Bloomberg : South Korean authorities are investigating a data leak at e-commerce giant Coupang that exposed ~33.7M accounts; ...
