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Mayfield Fund holds $108m final close for second India vehicle

19 Feb 2014

india5_lrgUS and India-based venture capital firm Mayfield Fund has held a $108m final close for its second dedicated India fund.

AltAssets revealed last month that the fund had already registered more than $86m to target early-stage deals in the infrastructure, tech and tech-enabled services and the consumer middles class sectors.

Specific elements of the strategy include clean energy, mobile, social, big data, cloud and SaaS sectors.

Mayfield managing director Navin 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.

“In addition, we believe that mobile companies aimed at the 700 million mobile users and tech and tech-enabled services represent the future in India.”

Mayfield was most recently investing out of its $365m Mayfield Fund XIV vehicle. It also makes India-focused investments out of its Mayfield XIII fund.

The firm’s existing portfolio companies include China-based LED businesses LatticePower and ShineOn as well as power optimisation start-up Inphi.

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